Update on the impact from COVID-19 on the Concentric Group
The consequences of the COVID-19 outbreak are affecting Concentric because the industries and regions in which the business operates are being impacted by initiatives by authorities and customers related to the spread of the virus.
As a result, Concentric is reacting quickly to limit the impact by closing some sites, reducing costs and the number of employees, but there remains a considerable risk of a material financial impact on the Concentric Group after the end of March.
With the high levels of uncertainty surrounding the situation and potential future initiatives by authorities and Concentric’s customers, it is very difficult to predict the full financial impact on the Concentric Group at this moment.
For further information contact Marcus Whitehouse, CFO +44-121-445 7783
This is information that Concentric AB is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact person set out above, at 10.00 CET on 1 April, 2020.
Concentric AB is an innovator in flow control and fluid power, supplying proprietary systems and components to the world’s truck, agricultural machinery, construction equipment and industrial applications end-markets. The company has a global manufacturing presence including in the UK, USA, Germany, Sweden, India, China and Argentina. Concentric’s focus is to develop world class technology with innovative solutions that meet the sustainability needs of our customers. Concentric offers engine products including lubricant, coolant and fuel pumps, hydraulic products encompassing gear pumps and power packs, and finally several key technologies for the fast growing market for electrical and hybrid powertrains. The Group has a turnover of circa MSEK 2,000 and circa 800 employees.