The board of directors of Thule Group AB has decided to withdraw its previously communicated proposal for a dividend of SEK 7.50 (US$0.72) per share, or a total of SEK 774 million (US$74.2 million).

The outbreak of COVID-19 (coronavirus) is expected to negatively impact Thule Group’s business beginning in the second half of the month of March, due to declining sales.

However, the board’s decision has above all been made in the light of the prevailing conditions in the global market and current uncertainty regarding possible future economic effects due to the spread of the virus.

Photo courtesy Thule