Husqvarna Group to reduce workforce by 1,000 positions
The company states that its workforce will be reduced by approximately 1,000 positions, whereof the vast majority relates to the accelerated petrol-to-battery shift.
To further accelerate its strategic transformation, Husqvarna Group is increasing investments into the company’s key sustainable value creation levers – namely robotic mowers, battery, watering and professional products.
The company says that the incremental investments will reach SEK 400 million (EUR 36.2 million) per year by 2025. To fund these investments, Husqvarna Group says that it will implement "decisive structural changes and savings".
As part of this shift towards battery-powered products, the group will adjust its value chain for petrol-powered consumer products, including a reduction in installed production capacity. In connection with this, the group will exit approximately SEK 2 billion (EUR 180.9 million) in annual sales of low margin petrol-powered consumer products by 2024.
These measures will result in total annual cost savings of approximately SEK 800 million (EUR 72.3 million) fully effective in 2025 and net SEK 400 million (EUR 36.2 million) after the increased investments into the sustainable value creation levers. Related to this the company's workforce will be reduced by approximately 1,000 positions, whereof the vast majority relates to the accelerated petrol-to-battery shift.
“We are executing on a winning strategy, and I am proud of the achievements made by our organization so far on this transformation journey. It is now time to take the next step to make our company even more sustainable, competitive and stronger. This is a strong example of how we are leading our industry in the transformation to sustainable solutions with lower carbon footprint”, says Henric Andersson, CEO and President, Husqvarna Group.
