STOCKHOLM — Haldex AB has completed the divestiture of its operations in Qingzhou, China, where the company manufactured hydraulic pumps and valves based on existing Chinese technology.
Haldex said it sold the operations because the technology and manufacturing facilities at Qingzhou are outdated and the company will achieve better growth and profitability by concentrating Haldex Hydraulics technology within its modern facilities in Suzhou, Shanghai.
A capital loss of approximately SEK 19 m ($2.4 million) will be charged against the second quarter as a result of the divestiture.
The company had annual sales of SEK 35 m (roughly $4.5 million) in the last financial year.
