Harley-Davidson Plans Addl. Restructuring Actions - Quick Facts

(RTTNews) - Harley-Davidson, Inc. (HOG) revealed Thursday additional restructuring actions related to the set of actions it had previously disclosed that it refers to as "The Rewire."

Under The Rewire, the company is now planning to optimize its global dealer network, exiting certain international markets, and discontinuing its sales and manufacturing operations in India. The India action will include an associated workforce reduction of approximately 70 employees.

For the previously disclosed actions, the Company expects to incur restructuring expenses of approximately $75 million in 2020, of which approximately 80% are expected to be cash expenditures, including one-time termination benefits of approximately $3 million, non-current asset adjustments of approximately $5 million, and contract termination and other costs of approximately $67 million.

The full implementation of these Rewire actions may require the Company to commit additional funds for additional contract termination and other costs.

Including previously disclosed restructuring charges, the Company expects total restructuring expenses associated with Rewire restructuring actions of approximately $169 million in 2020.

The Company expects to complete the restructuring activities approved through September 23, 2020 within the next 12 months.