SKF Continues to Reduce Cost Base and to Improve Manufacturing Structure

Resource from: CBCC Likes:2940

Jul 01,2009

SKF started actions during the third quarter of 2008 to reduce its manufacturing output in light of the weakening demand affecting nearly all segments. Since then about 3,700 people have left the Group and around 1,100 are still to leave as part of previously announced programmes. In addition around 18,000 are presently working shorter time both in government supported schemes and in agreements directly between SKF and its workforce. SKF is taking further actions to both adapt manufacturing to the lower demand and to accelerate the move of production to faster growing regions of the world. This will affect about 900 people globally. As part of these actions SKF has announced the plan to close the factory in Fontenay-le-Comte, France, around 380 people will be affected. The factory produces small ball bearings primarily used in applications such as household appliances and electrical motors. The total reduction of people also includes other already initiated actions, for instance in India, the UK and Sweden. To support these actions SKF will take restructuring charges of around SEK 700 million, whereof around SEK 480 million, mainly referring to the Automotive Division, will be booked in the second quarter. The remaining part impacting all divisions will be taken primarily in the third quarter. The savings from all these actions will be around SEK 300 million per year when fully implemented in the middle of 2010.

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