LONDON -(Dow Jones)- Electrical goods maker Alba PLC (ABA.LN) said Tuesday it is accelerating its restructuring as sales remain subdued.
Alba, which recently sold its Bush and Alba brands to U.K. high-street retailer Argos, a unit of Home Retail Group PLC (HOME.LN), said it is scrapping more product lines than initially planned and cutting stock levels.
"Market conditions continue to be extremely challenging and are likely to continue to be so for the foreseeable future," Alba said.
Its cost cutting will result in exceptional charges being incurred in the second half of its financial year to the end of March.
Alba said it wants to reduce its dependency on consumer electronics and boost its position in medical electronics.
Company Web site: www.albaplc.com
-By Jason Douglas, Dow Jones Newswires; 44-20-7842-9272; jason.douglas@dowjones.com
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