SINGAPORE: Swedish oat milk manufacturer Oatly has announced plans to close its Singapore factory, ending three years of operations in the region.
The closure will affect 34 local employees and is part of the company’s broader efforts to streamline operations and improve its financial structure.
The company confirmed that the closure process will be carried out in phases over the coming months, with measures in place to support affected employees. Oatly President Jean-Christophe Flatin described the closure as a strategic move to simplify the company’s operations and focus on execution, with the goal of achieving sustained, structural profit growth.Oatly anticipates non-cash impairment charges of approximately SGD 27 million to SGD 33 million in the fourth quarter of 2024. Additionally, restructuring and other exit costs are projected to lead to net cash outflows of around SGD 33 million to SGD 40 million by 2027.
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