2023-07-13 17:30:06 ET
Methode Electronics ( NYSE: MEI ) said on Thursday that it was winding down its Dabir Surfaces business.
Methode Electronics shares were flat in extended trading.
The company expects an impact of $1.5 million to $3.5 million to its 2024 pre-tax income from the discontinuation. It expects to record most of the charges in the first half of fiscal 2024.
"Methode will now focus on growing its core businesses and executing the numerous program launches scheduled for this year and next," said chief executive Donald Duda in a statement .
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Methode Electronics to discontinue Dabir Surfaces business