(Reuters) - Swedish appliance maker Electrolux AB
Electrolux is investing about $250 million in new product platforms at a facility in Anderson, South Carolina, and the plant will replace manufacturing in St Cloud, Minnesota, and manufacturing at another facility in Anderson, it said.
The company also expects a negative impact to its operating income due to accounting adjustments from previous quarters and a reduction in inventory by a U.S. customer.
The new investment program and streamlining measures is on track to generate about 3.5 billion crowns (283.39 million pounds) of annual cost savings, with full effect from 2024, the Swedish company said.
The capacity issues in Anderson are expected to be gradually resolved during the first half of 2020, it added.
(Reporting by Shubham Kalia in Bengaluru, editing by Louise Heavens)
This story has not been edited by Firstpost staff and is generated by auto-feed.
Find latest and upcoming tech gadgets online on Tech2 Gadgets. Get technology news, gadgets reviews & ratings. Popular gadgets including laptop, tablet and mobile specifications, features, prices, comparison.
Updated Date: Dec 16, 2019 01:06:15 IST