LiveWire Group (LVWR) just unveiled an update.
In a strategic move to enhance efficiency and profitability, a company is relocating its west coast product development arm to Wisconsin and reducing its workforce. This restructuring is anticipated to incur initial costs between $3 million to $5 million yet promises substantial savings of $3 million to $5 million in 2024 with annual savings of $8 million to $10 million thereafter. While the company is optimistic, these forward-looking statements are cautioned by potential risks and uncertainties. Additionally, executive Ryan Morrissey will depart as part of the downsizing, with a severance package aligned with the company’s policies.
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