SKF continues to reduce cost base and to improve manufacturing structure
2009 December 18, 08:00 CET
The SKF Group will implement further restructuring and cost reduction activities to adapt the overall capacity to market conditions. This will affect a number of operations and involve a reduction of around 450 people, of which around 300 are in the Industrial Division and the majority of the rest are in the Automotive Division. Main countries affected are Germany, Italy, and Sweden.
The total cost for the restructuring activities, which will be charged to the income statement in the fourth quarter 2009, will be around SEK 400 million. Of this amount around SEK 200 million concerns the Industrial Division and around SEK 150 million concerns the Automotive Division.
The benefit of the new actions will be around SEK 250 million per year when fully implemented by mid 2011.
Gothenburg, 18 December 2009
|AB SKF may be required to disclose the information provided herein according to the Securities Markets Act and/or the Financial Instruments Trading Act. The information was submitted for publication at 08.00 am CET on 18 December 2009.
For further information, please contact:
PRESS: Ingalill Östman, SKF Group Communication, tel: +46 31-337 3260, mobile: +46 706-973260, e-mail: email@example.com
IR: Marita Björk, SKF Investor Relations, tel: +46 31-337 1994, mobile: +46 705-181994, e-mail: firstname.lastname@example.org
SKF is a leading global supplier in the areas of bearings, seals, mechatronics, services and lubrication systems. The Group’s service offer includes technical support, maintenance services, engineering consultancy and training. SKF is represented in more than 130 countries and has 15,000 distributor locations worldwide. The Group’s annual sales 2008 were SEK 63,361 million. The number of employees was 44,799. www.skf.com.