By Reuters
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HELSINKI - Sweden's Electrolux said on Wednesday it will halt production at its Nyiregyhaza plant in Hungary from early 2024, affecting around 650 jobs and booking a 550 million Swedish crowns ($52.8 million) charge in the first quarter of 2023.
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Europe's largest home appliances maker also said it was looking into divesting the plant, which has made refrigeration products.
"The decision follows a review of production capacity needs including an investigation into the competitiveness of the Nyiregyhaza factory," Electrolux said in a statement.
The company estimated the cash flow impact from the closure to amount to around 300 million crowns, primarily in 2024-2025.
($1 = 10.4150 Swedish crowns)
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