Brief: Bang & Olufsen’S Board Of Directors Approves Cost Reduction Programme

Bang & Olufsen A/S

16/03/2020 07:54

March 16 (Reuters) - Bang & Olufsen A/S  BO.CO :
    * REG-BANG & OLUFSEN’S BOARD OF DIRECTORS APPROVES A COST
REDUCTION PROGRAMME WITH A TARGETED ANNUAL SAVING OF DKK 175
MILLION WHEN FULLY IMPLEMENTED
    * PART OF COST SAVINGS WILL BE REALISED THROUGH A REDUCTION
OF
WORKFORCE WITH APPROXIMATELY 115 EMPLOYEES, PRIMARILY IN SUPPORT
FUNCTIONS IN DENMARK.
    * PROGRAMME HAS A TARGETED ANNUAL SAVING OF DKK 175 MILLION
WHEN
FULLY IMPLEMENTED IN 2021/22.
    * LARGE PART OF COST REDUCTION IS EXPECTED TO BE REALISED IN
2020/21, WHILE PROGRAMME IS NOT EXPECTED TO YIELD ANY
SIGNIFICANT COST SAVINGS IN FINANCIAL YEAR 2019/20 ENDING 31 MAY
2020
    * COMPANY WILL MAKE A PROVISION FOR RESTRUCTURING COSTS
AMOUNTING
TO APPROXIMATELY DKK 30 MILLION, OF WHICH DKK 3 MILLION IS
RELATED TO Q3.
    * COST REDUCTION PROGRAMME WILL NOT IMPACT FINANCIAL OUTLOOK

Source text for Eikon:  ID:nGNE3LcbFG 
Further company coverage:  BO.CO 

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