SKF Lays Off 100, More Cuts Could be In the Works

Resource from: CBCC Likes:2941

Nov 26,2008

Swedish bearings and seals manufacturer SKF Group laid off 100 temporary workers in the United States and president and CEO Tom Johnstone told the IndianExpress.com Web site that further cuts may be on the horizon. “We will adjust our manufacturing according to demand … by cutting our production,” Johnstone told the Web site. “The company is also contemplating cutting overtime ... and laying off its temporary workers. We have already parted ways with 100 temporary workers in the U.S. “It is a difficult business environment, but there are certain sectors such as aviation and energy which are not declining. But in the automobile business, which is bearing the brunt of the crisis, the real challenge is to protect profitability and the cash flow.” In October, SKF said it will reduce capacity at its automotive seals operation in Elgin, Ill., transferring production to other factories in Mexico and the United States. The year-long consolidation, which will affect 160 of the Illinois plant’s 430 workers, is aimed at saving roughly $4.8 million annually.

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