Motorcycle maker Harley-Davidson has decided to discontinue its manufacturing and sales operations in India as part of a restructuring plan necessitated due to the economic problems caused by the coronavirus pandemic, Reuters reported on Thursday. The plan, called “The Rewire”, was announced to the company’s employees on Thursday.
In a filing with the United States Securities & Exchange Commission, Harley-Davidson Inc said its withdrawal from India would lead to the retrenchment of 70 employees. The restructuring plan was approved last month.
“As a result of the actions approved from August 6, 2020, through September 23, 2020, the Company expects to incur restructuring expenses of approximately $75 million (Rs 554 crore) in 2020, of which approximately 80% are expected to be cash expenditures, including one-time termination benefits of approximately $3 million (Rs…