IFG FOCUSES ON NICHE PRODUCTS AND REDUCES PRODUCTION CAPACITY IN ENGLAND
February 17, 2021
Duroc’s portfolio company International Fibres Group (IFG) is strengthening its focus on niche products with higher growth potential in accordance with the group’s strategic plan. As a consequence, production capacity is being restructured and streamlined, and as a result the production facility in Drighlington will be closed down. Parts of the production will be moved to other production facilities in Europe.
The last day of operation in Drighlington will be the end of June 2021. Following the closure, IFG will have three production facilities located in England, Belgium and Austria.
The implementation is estimated to entail non-recurring costs of approximately SEK 30 million, which will be charged to the results in the third quarter of 2020/21. The rearrangement is expected to lead to an annual profit improvement of approximately SEK 10 million and also lead to improved long-term stability within IFG.
For further information
John Häger, CEO Duroc, 0702 48 72 99
The information in this press release is such that Duroc AB is obliged to publish in accordance with EU’s Market Abuse Regulation. The information herein was provided for publication at 9:00 a.m. (CET), 17 February 2021 by the contact person named below.