SKFRY - SKF to strengthen competitiveness in North America via investments

SKF ([[SKFRY]]) plans to invest ~SEK 550M in order to strengthen its manufacturing footprint and competitiveness in North America.For expanding and automating manufacturing processes at the Group's factory in Sumter, South Carolina, SEK 350M is being invested.Additional SEK 200M is being invested in localizing manufacturing of Tapered Roller Bearings from China to an existing manufacturing site in Mexico.The flexibility and service levels enable the Group to consolidate its factories in Avon, Ohio and North Charleston, South Carolina into the Sumter factory.Aforesaid announcements will take ~12-18 months to implement leading to a reduction in staff of ~120; associated restructuring costs of SEK 35M to be accounted during Q3.

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SKF to strengthen competitiveness in North America via investments