Alfa Laval Withdraws its Dividend Proposal
ALFA-LAVAL AB UNSP/ADR (ALFVY)
NASDAQ:AMEX Investor Relations:
alfalaval.com/investors
Company Research
Source: PR Newswire
LUND, Sweden, April 3, 2020 /PRNewswire/ -- As communicated earlier, Alfa Laval is implementing a broad cost reduction program with the objective of reducing fixed costs with SEK 1 billion on a 12-month running basis. The program is well on track and the first financial effects are expected in April. An important part of the cost reduction program is related to the flexibility of various working hour reduction schemes in countries like Italy, Germany, France, and since recently, Sweden. In Sweden specifically, the company intends to reduce the working time with 40 percent for approximately 900 white-collar employees, starting May 1. Preparations for using the same program for blue-collar employees are ongoing, as the load in Swedish factories is expected to decline.To further strengthen the company in relation to the negative short- and medium-term economic impact from the COVID-19 the Alfa Laval Board of Directors proposes a withdrawal of the dividends for 2019 as a measure to prese
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