Garo — Management Reports 2023

Sep 13, 2023

Press release September 13, 2023

GARO adapting and increasing organizational efficiency

GARO will conduct an efficiency program with the aim of adapting the organization following the completed relocation of the production and logistics facility. The Group intends to reduce its workforce by about 45 employees, including both white-collar employees and employees under collective contracts, primarily in the GARO Electrification business area.

For more information, please contact:

Patrik Andersson, CEO: +46 (0)76 148 44 44 Helena Claesson, CFO: +46 (0)70 676 07 50

This information is such information that GARO aktiebolag is obligated to publish in accordance with the EU Market Abuse Regulation. The information was published by the abovementioned contact persons on September 13, 2023, at 09.00 CET.

GARO AB (publ) Corp. Reg. No. 556071–7772 is a company that develops, manufactures and markets innovative products and systems for the electrical installations market under its own brand. GARO's customer offering is to provide complete solutions in the product areas of Electrical distribution products, E-mobility, Project business & Temporary Power with a focus on electrical safety, user-friendliness and sustainability. GARO was founded in 1939, has its head office in Gnosjö and is today an international company with operations in six countries with around 550 employees. The company's production units in Sweden are located in Gnosjö and Hillerstorp, as well as in Szczecin, Poland. GARO is listed on Nasdaq Stockholm under the ticker name GARO. For more information, see www.garo.se