SKFRY - SKF to invests SEK550M to strengthen its competitiveness in North America

AB SKF (SKFRY) is investing ~SEK350M for expanding and automating manufacturing processes at the Group's factory in Sumter, South Carolina and SEK200M in localizing manufacturing of Tapered Roller Bearings from China to an existing manufacturing site in Mexico. Kent Viitanen, President, Bearing Operations, says: "These investments represent the next steps in developing our regional manufacturing capabilities. Our investments in Sumter will expand their product capability, as well as see the first implementation of our automated manufacturing technologies within the slewing bearing cluster." The investments and consolidation will take approximately 12-18 months to implement and will result in a reduction in staff of ~120, with associated restructuring costs amounting to SEK35M, to be accounted for during 3Q20.

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SKF to invests SEK550M to strengthen its competitiveness in North America