Harley noted that overall motorcycle industry sales were down 6.5 percent in Q4 compared to the previous year.
"We are launching a significant, multi-year manufacturing optimization initiative that is anchored in the consolidation of our Kansas City, Mo. final assembly operations into our York, Pa. final assembly plant".
Harley pointed to lack of demand for closing the local plant, but Hayes said it put out some of the brand's bestselling bikes. Layoffs are expected to begin in a few months.
Harley-Davidson's Kansas City plant.
Harley said the move would result in restructuring costs of $170 million (£120.3 million) to $200 million through 2019 but would save the company $65 million to $75 million a year after 2020. Harley-Davidson has a one year low of $44.52 and a one year high of $63.40. Levatich said Tuesday the feedback from those rides and other research gives the company confidence an electric motorcycle will be attractive to new riders and existing Harley customers.
Hundreds of working families are now wondering what their future holds because of this self-proclaimed American icon's insistence on shipping our jobs to Asia and South America.
Union and government officials were set to visit Harley-Davidson's Adelaide factory on Thursday to offer support to affected workers. Putnam Invests Ltd Liability Company reported 0% in Fulton Financial Corporation (NASDAQ:FULT). Levatich said the company has discovered there are more new entrants and more people leaving the sport than Harley previously realized.
It comes as no surprise that the Kansas City workers are shocked by the news.
The Kansas City manufacturing plant is also where the former Dyna model line was produced. Many cities vied for the plant and the hundreds of jobs it would bring.
"Factors that impacted the decision were plant size and layout, and the need for additional investments in equipment and floor space", the Motor Company stated. "I have no doubt it will continue to attract lucrative businesses to replace those lost jobs". Harley-Davidson sales has been less than enthusiastic, with sales in the fourth quarter slipping by 11.1 per cent in the United States, and 9.6 per cent worldwide.
(Recasts; adds details, CEO quotes) By Rajesh Kumar Singh and Rachit Vats Jan 30 (Reuters) - Harley-Davidson Inc on Tuesday forecast that motorcycle shipments would drop this year and reported that they barely met the bottom of its 2017 target, sending its shares down sharply in premarket trading. "Which is kind of neat to see" said Milwaukee Harley General Manager Goran Zadrima.