US-based motorcycle manufacturer Harley-Davidson has reportedly said that it means to report $75 million in additional restructuring costs for 2020 related to actions including discontinuing its India operations.
According to a Livemint report, the announcement comes two months after the company announced that it’s looking to shift focus into more profitable and core markets like the US.
The Quint reached out to Harley-Davidson India for a statement and sources close to the company have said that it will release an official statement regarding this matter by 6:15 pm today.
“Between August 6, 2020 and September 23, 2020, the company approved commitments to additional restructuring actions under The Rewire related to optimising its global dealer network, exiting certain international markets, and discontinuing its sales and manufacturing operations in India,” the company said in a statement.
The report also mentions that it plans to reduce its product portfolio in the country and exit lower volume market without specifying the exact ones.
Harley-Davidson has said that of the $169 million overall restructuring cost, 80 percent of the same is expected to be cash expenditures and this will also include reduction of 70 employees in India.
The restructuring of the company is expected to be completed within the next 12 months.
The Indian market accounts for less than 5 percent of Harley’s global sales.
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