WalMart is moving its $1.4 billion lawn mowing business to Texas amid rising electricity costs
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By MARY J. BRYANTThe U.S. retailer is moving $1,466 million of its $5.3 billion lawn-mower battery business to the state of Texas, two sources familiar with the matter said.
Walmart said it is moving the battery storage company, which provides electricity for its more than 2 million workers, to the Dallas-Fort Worth region because of its favorable energy-efficiency and power-efficiency requirements, the sources said.
The company expects the move to save the company $2.3 million annually in electricity costs over the next two years.
The battery company has been in Texas since it opened in 1989.
Its batteries have long been used by some of WalMart’s suppliers, including WalMart.
It has also been a supplier of batteries to the retailer’s competitors, including Amazon.
The move comes as WalMart struggles with declining sales.
The company is expected to make a decision about its next phase of business with the company by the end of the year.
WalMart shares were down $1 by about 2% at $54.83 on Wednesday.
By MARY J. BRYANTThe U.S. retailer is moving $1,466 million of its $5.3 billion lawn-mower battery business to the state…