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Swedish appliance maker Electrolux stated that its North American business will obtain $70 million in Q4 as part of moving into a new facility in South Carolina.
The new facility in Anderson, South Carolina is set to replace manufacturing in St. Cloud, Minnesota and other facilities in Anderson, driving Electrolux to invest $350 million in new product platforms.
The company expects low operating income due to the previous quarters’ accounting adjustments, as well as reduction in inventory by a U.S. customer.
Electrolux’s new program of investment and streamlining measures is created to generate 3.5 billion crowns ($369.59 million) of annual cost savings, with full effect from 2024.
Anderson’s capacity issues are set to be resolved gradually in the first half of 2020, the Swedish company said.
Britain on Wednesday signed a supply deal for up to 60 million doses of a possible COVID-19 vaccine that is being developed by pharmaceutical companies GlaxoSmithKline (GSK) and Sanofi. The financial details of the agreement were not disclosed. However, ...
The Securities and Exchange Commission (SEC) announced on Monday that UBS Financial Services Inc. (UBSG) would pay more than $10 Million to resolve charges regarding certain municipal bond offerings. UBS has agreed to pay the fine after SEC ...
The United States Labor Department reported on Thursday that jobless claims edged down to a near four-month low since last week, while 32.9 Million Americans collected unemployment benefits in the third week of June. The government agency ...
U.S. President Donald Trump’s administration said on Monday that the small business pandemic aid program worth $660 billion was as a “wild success.” The data showed that 51 Million jobs for America’s small businesses ...
Australia’s second-largest lender, Westpac Banking Corp. (WBC.AX), announced on Friday that it would pay AUD 8 Million ($5.5 Million) including interest to around 8,000 employees who have underpaid their long service leave entitlements ...
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