JNS:
Harley-Davidson, motorcycle major from the United States, has decided to discontinue its sales and manufacturing operations in India due to 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 referred to as “The Rewire.”
In a filing with the United States Securities & Exchange Commission, Harley-Davidson Inc said India’s action would 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 6 August 2020 and 23 September 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 6 August 2020 through 23 September 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.
