Ashok Leyland's Switch Mobility Begins Process To Close UK Manufacturing Unit
The board of directors of Switch Mobility Ltd.'s UK arm gave its approval on Wednesday to begin consultation process with its staff to discuss closure of its manufacturing and assembly activities at its Sherburn facility.
The decision comes in the wake of "continuing general economic uncertainty within the overall bus manufacturing sector in the UK and consequent inability to derive the benefits of scale", Ashok Leyland Ltd. said in an exchange filing.
Switch UK has "no plans" to exit the UK market. The stepdown subsidiary of Ashok Leyland "will execute and complete all the orders on hand".
The manufacturer of electric buses will continue to provide aftermarket and service support from two other facilities in Rotherham and Thurrock "for the existing vehicle parc".
Switch UK, which has a presence across the UK and Europe, contributed 0.60% to the listed entity during the last financial year. The company cannot estimate the date of closure or estimated time of closure of the subsidiary's activities at the Sherburn facility. This is because it is subject to various internal and external processes or approvals, the filing added.
Shares of Ashok Leyland closed 2.45% higher at Rs 214.95 apiece on the BSE, compared to a 093% decline in the benchmark Sensex. The company's announcement of the board's decision came after closing hours of the Indian stock markets.
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