13 November 2022 08:47 am Views - 7080
AMW, a wholly-owned company of Al-Futtaim based in UAE, which provides some of the world’s most-recognized automotive brands, services, and mobility solutions to customers, said it has begun the process of closing down identified locations across Sri Lanka.
“The restructuring of AMW is in direct response to Sri Lanka’s current economic situation and the challenges that high inflation, vehicle import bans and high interest rates place on the automotive sector,” a statement said.
Over the coming weeks, the company will select which locations to close, with the closures taking place over the next few months. It will maintain its owned facilities and businesses across the country including its brand partnerships with Nissan, Suzuki, Yamaha, Renault and New Holland.
The statement further said AMW employees have been informed of the resizing by management and AMW has committed to offering the highest level of support to all employees during these challenging times.
In recognition of their valued contribution, the company will be offering assistance for re-employment, well-being and financial support.