SKFRY - SKF consolidates Europe manufacturing proposes to shut UK bearing factory

2023-05-31 07:41:27 ET

• SKF ( OTCPK:SKFRY ) said Wednesday it is consolidating its spherical roller bearing manufacturing in Europe in line with its strategy to invest in automation and regionalization, and proposes to halt its bearing manufacturing site in Luton, U.K.
• Manufacturing at the Luton site will be ramped down, with a full closure expected by 2024-end.
• SKF ( OTCPK:SKFRY ) proposed to move production from the site to its factory in Poznan, Poland.
• "This is an important step in securing our long-term competitiveness on the European markets," said Aldo Cedrone, acting president, Industrial Region Europe Middle East and Africa. "To ensure our spherical roller bearing production stays competitive, investments are needed in new machinery and our evaluation showed Poznan is the optimum site for this investment."
• Earlier, SKF ( OTCPK:SKFRY ) invested SEK 50M in a manufacturing site in Morocco to increase technical and manufacturing capabilities.

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