EMCC European Monitoring Centre on Change

SKF

Company/Organisation:
SKF

Geographic Location

Country: World
Location of affected unit(s): Sweden, Italy, United States, Ukraine

Company

Sector: Manufacturing
Manufacture of machinery and equipment n.e.c.
28.15 - Manufacture of bearings, gears, gearing and driving elements
Number Employed: 46000

Employment Effects

Announcement Date: 15-01-2013
Planned Job Reductions min: 2500
Planned Job Reductions max: 2500
Type of Restructuring: Internal restructuring
Employment Effect Start: 01-01-2013
Foreseen End Date: 31-12-2015

Additional Information

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.