Haldex’ restructuring negotiations in Heidelberg finalized

The plan for Germany will be implemented from September 2014 until end of 2015. The restructuring program includes consolidation of central processes and functions, optimization of sales and administration costs, adjustments of the European production structure, product rationalization measures and impairment tests of related non-current assets. The program runs through 2015 and includes staff reductions by around 200 employees globally, as well as other measures to reduce operating costs. The negotiations with the German trade unions started last summer and has now been finalized. After the restructuring, air suspension products and the EBS product line will continue to be manufactured at the Heidelberg plant, while other production is gradually reduced in 2015, with a significant portion moving to Hungary. After the restructuring the Heidelberg site will have approximately 100 employees. Bo Annvik, President and CEO for Haldex: “We are pleased that the German negotiations are coming to a close so that we can implement the final phase of our restructuring program. Our remaining operations in Heidelberg are based on the core expertise for air suspension products, which will result in an effective and focused unit that will contribute positively to Haldex in the coming years.”