Production shutdown and transfer to Europe, followed by liquidation, of the UK NICHIRIN subsidiary

A restructuring of the European business in which production at the UK subsidiary NICHIRIN U.K. LTD. was stopped, production was changed from the UK to the Spanish subsidiary and other locations, and the UK entity was subsequently liquidated and removed from consolidation. This was a restructuring of a specific legal entity and site against the backdrop of uncertainty surrounding the UK’s withdrawal from the EU and automakers’ production realignment.