Swedish appliance maker Electrolux stated that its North American business will obtain $70 million in Q4 as part of moving into a new facility in South Carolina.
The new facility in Anderson, South Carolina is set to replace manufacturing in St. Cloud, Minnesota and other facilities in Anderson, driving Electrolux to invest $350 million in new product platforms.
The company expects low operating income due to the previous quarters’ accounting adjustments, as well as reduction in inventory by a U.S. customer.
Electrolux’s new program of investment and streamlining measures is created to generate 3.5 billion crowns ($369.59 million) of annual cost savings, with full effect from 2024.
Anderson’s capacity issues are set to be resolved gradually in the first half of 2020, the Swedish company said.
Apple donates 10 Million masks to China amid virus outbreak10.03.2020
Heineken to invest $183 million into Brazil expansion05.03.2020
Former Uber self-driving head files for bankruptcy protection after $179 million loss to Google24.02.2020
PepsiCo agrees to buy Chinese snack brand Be & Cheery for $705 million