Methode Electronics Initiates Discontinuation Of Dabir Surfaces Business
Portfolio Pulse from Benzinga Newsdesk
Methode Electronics is discontinuing its Dabir Surfaces business. The company expects the wind down process to be completed by the end of fiscal 2024, with associated costs to fiscal year 2024 pre-tax income estimated between $1.5 million and $3.5 million.
July 13, 2023 | 9:16 pm
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Methode Electronics' decision to discontinue its Dabir Surfaces business could impact its fiscal year 2024 pre-tax income by $1.5 million to $3.5 million.
The discontinuation of the Dabir Surfaces business will result in severance, asset impairments, and other associated costs. These costs, estimated between $1.5 million and $3.5 million, will impact Methode Electronics' pre-tax income for fiscal year 2024. This could potentially lead to a decrease in the company's stock price in the short term.
CONFIDENCE 90
IMPORTANCE 75
RELEVANCE 100