Sweden's Husqvarna appoints Glen Instone as new CEO
Instone will replace Pavel Hajman, who has been at the garden equipment maker's helm since May 2023. Hajman had expressed his intention in April to step down once a successor was appointed.
Instone has been with Husqvarna since 2002, and is currently the president of Husqvarna's forest and garden division. Prior to that he was the company's chief financial officer.
The company in April reported first-quarter operating profit below expectations hit by soft demand in North America, currency headwinds and lower prices.
The company had said that its earnings before interest and tax fell 21% to 1.53 billion Swedish crowns ($156.96 million), missing analysts' average forecast of 1.71 billion crowns.
($1 = 9.7475 Swedish crowns)
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Reuters
2 minutes ago
- Reuters
Irish manufacturing sees robust output growth in July, PMI shows
DUBLIN, Aug 1 (Reuters) - Ireland's manufacturing sector maintained strong growth in July, with output levels rising for the seventh successive month despite facing increased input cost pressures, a survey showed on Friday. The AIB Ireland Manufacturing Purchasing Managers' Index (PMI) fell slightly to 53.2 from June's near three-year high of 53.7 but was still above the 50.0 threshold that indicates growth, where the index has remained throughout 2025. New orders rose, albeit at the slowest pace since February. Export sales expanded for the first time since March, though only marginally, as global economic uncertainties continued to pose challenges. Employment growth remained robust, with job creation matching June's three-year high. Input cost inflation accelerated in July, attributed to higher transportation bills and increased raw material prices. However, the appreciation of the euro against the U.S. dollar helped mitigate some of these pressures. Despite ongoing tariff uncertainties, manufacturers remain optimistic about future growth, with 35% anticipating increased production volumes over the next year, compared to 8% forecasting a decline. Optimism is linked to potential pent-up demand if global trade frictions ease.
Reuters
31 minutes ago
- Reuters
France new car registrations down 7.66% in July, Tesla sales drop 26.57%
Aug 1 (Reuters) - New car registrations in France slid 7.66% in July from a year earlier to 116,377 vehicles, data from French car body PFA showed on Friday. Tesla (TSLA.O), opens new tab sales in the country fell 26.57% to 1,307 vehicles last month. Since the start of the year, Tesla's sales have slumped by 38.52%, while the overall French market has shrunk by 7.91% over the same period.
The Independent
an hour ago
- The Independent
British steelmakers boosted by change to EU tariffs
British steelmakers will be able to sell more to the EU tariff-free from Friday in a boost for the beleaguered sector. The EU has agreed to more than double the UK's tariff-free quota for certain steel products in a move the Government described as a 'direct win' from Sir Keir Starmer's deal with the bloc earlier this year. At May's UK-EU summit, Sir Keir and European Commission President Ursula Von Der Leyen agreed to restore Britain's steel quotas to historic levels after they were slashed in March. Business Secretary Jonathan Reynolds said the announcement was 'yet another positive step forward for the UK steel sector' that would give producers 'certainty'. The agreement comes at a difficult time for the industry, which continues to face 25% tariffs on exports to the US. An agreement with President Donald Trump to effectively reduce those tariffs to zero is yet to come into effect, but Britain has been protected from the 50% tariff Mr Trump imposed on steel from the rest of the world last month. UK Steel director general Gareth Stace said Friday's change was 'excellent news' for the sector that had been 'plagued by problems' in exporting steel to the EU. He added: 'The quota will restore historic trade flows and is good news for both UK steelmakers and their EU customers.' The decision means the UK can export 27,000 tonnes of 'category 17' steel – which includes angles and sections of steel – to the EU each quarter without paying tariffs. The figure had been cut to 10,000 tonnes after the EU introduced a cap intended to prevent a single exporter dominating the market. In total, the UK exports around 2.4 million tonnes of steel to the EU, worth nearly £3 billion and accounting for 75% of British steel exports. Ministers expect the change to help protect jobs in the industry, which has been a priority for the Labour Government since coming to power. In April, the Government used an almost unprecedented weekend recall of Parliament to take control of British Steel to prevent the shutdown of its blast furnaces and maintain the UK's primary steel-making capacity. British Steel's interim chief operating officer Lisa Coulson said: 'The removal of EU tariffs on British-made steel is a significant boost to our business. 'The EU is an important market to us, particularly for the products our highly skilled colleagues manufacture in Scunthorpe, Teesside, and Skinningrove.' But Conservative shadow business secretary Andrew Griffith described the quota as 'tiny' and 'embarrassing from a Government which has nothing to show on removing the US tariffs on steel which the PM claimed to have delivered back in May'. He added: 'It's a paltry return for giving up 12 years of fishing rights and tying the energy costs of every business to a higher cost EU emissions regime over which the UK will have no say. 'When Labour nationalised British Steel we said they had no plan. This government by press release shows we were right.'
