Industrial Division PerformanceThe Industrial division experienced a severe contraction with a 23.9% decline year-over-year, impacted by the prolonged downturn of the markets it serves.
Market ChallengesThe Industrial division faced a slowdown due to the prolonged contraction of industrial end-markets, particularly in the EU.
Product Phase-outCertain product categories within the Industrial division are being phased out due to unsatisfactory profitability or growth profiles.