Location of affected unit(s):
Sweden, Italy, United States, Ukraine
Manufacture of machinery and equipment n.e.c.
28.15 - Manufacture of bearings, gears, gearing and driving elements
Planned Job Reductions min:
Planned Job Reductions max:
Type of Restructuring:
Employment Effect Start:
Foreseen End Date:
On 14 January 2013, the supplier of rolling bearings and seals, SKF announced plans to cut 2,500 positions as part of an expanded cost-cutting programme launched in 2010. About 550 positions will be cut in the Ukraine, Sweden, Italy and the United States.
SKF wants to save $347 million by the end of 2015 and to cut roughly 5 per cent of its total workforce. The jobs cuts will be mainly implemented through natural attrition and voluntary departures.
The new plan aims to transfer production from Western Europe to emerging countries with higher economic growth and lower salaries.
14-01-2013The Financial Times