Cost Improvement Activities at SKF

Resource from: CBCC Likes:2940

Dec 22,2006

The SKF Group is initiating a number of activities to further reduce costs and improve efficiency. The total cost of these activities, that includes the already announced closing of the factory in South Africa, amounts to some SEK 400 million, of which some SEK 260 million are impairments and write downs. The annual benefit amounts to some SEK 160 million. The different activities, that will run during 2007 and will affect the operations in China, Italy, South Africa, and a number of other countries, will reduce the number of employees by about 1,000 persons. The cost will have an impact on the Automotive Division with some SEK 160 million. The corresponding figure for the Industrial Division is some SEK 220 million and for the Service Division some SEK 20 million. During the fourth quarter, SKF will also report a total income from the operations and sale of the shares in Ovako of some SEK 450 million.

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