(G.N.S) Dt. 24
Harley-Davidson, motorcycle major from the United States has announced its decision to discontinue its sales and manufacturing operations in India, as part of its restructuring plan necessitated by the pandemic.
On September 24, 2020, the Company announced to employees additional restructuring actions related to the set of actions that it refers to as “The Rewire.”
In a filing with the United States Securities & Exchange Commission, Harley-Davidson Inc said the action in India will include an associated workforce reduction of approximately 70 employees.
The Company previously disclosed restructuring actions associated with The Rewire that were approved through August 5, 2020.
Between August 6, 2020 and September 23, 2020, the Company approved commitments to additional restructuring actions under The Rewire related to optimizing its global dealer network, exiting certain international markets, and discontinuing its sales and manufacturing operations in India, it said.
“As a result of the actions approved from August 6, 2020 through September 23, 2020, the Company expects to incur restructuring expenses of approximately $75 million in 2020, of which approximately 80% are expected to be cash expenditures, including one-time termination benefits of approximately $3 million, non-current asset adjustments of approximately $5 million, and contract termination and other costs of approximately $67 million,” it said in the filing.
