Dometic recently released its fourth quarter report, showing net sales for the quarter were about $400 million, a decrease of 4 percent compared to the same period in 2018.
“2019 was an important year for Dometic,” said CEO Juan Vargues. “It was a year in which we clearly embarked on the journey of transforming as a company, started to execute on many strategic initiatives across the entire organization and raised our ambitions by establishing new financial targets.
Since the announcement of the global restructuring program in connection with the report for the third quarter 2019, we have shifted two more production lines from China to the new manufacturing site in Mexico, consolidated one manufacturing site in Americas and initiated the closure of two manufacturing sites in EMEA,” Vargues continued. “A total of 10 sites and around 200 employees have been affected during the quarter. In January, we took further action in the U.S., affecting one manufacturing site and around 200 employees.”
Dometic estimated that restructuring efforts, which should increase annual earnings by $41 million, will be complete by 2022.