Methode Electronics initiated the discontinuation of the Dabir Surfaces business. The company is executing a wind down process of the Dabir business. The impact from severance, asset impairments, and other associated costs to FY24 pre-tax income is expected to be $1.5M-$3.5M with most of the cost to be recognized in the first half of FY24. The wind down process is expected to be completed by approximately the end of FY24 in accordance with contractual and regulatory commitments. The company expects to provide additional details on the Dabir discontinuation when it reports its FY24 Q1 results.
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