CARDO GOES INTO CONSULTATION AFFECTING UP TO 150 PEOPLE IN RESIDENTIAL GARAGE DOORS DIVISION IN UK
12/15/2008 9:01 AM EST
As part of a plan to reduce production capacity and cut costs, approximately 150 people at the unit in Bowburn in the UK will be affected by this decision.
“The UK market is characterized by excess capacity and price competition. The decision to go into consultation at unit in Bowburn comes after a prolonged period of market decline which we mentioned in connection with the report for the third quarter,” says Peter Aru, Cardo’s President and CEO.
Consultations with union representatives have begun.
Apart from garage doors for the UK market, the factory in Bowburn also manufactures sliding door gear. This unit is considered a sustainable business for Cardo going forward.
Malmö, Sweden, December 15 2008
Cardo AB (publ)