SKF

Type
Internal restructuring
Country
World
Region
Location of affected unit(s)
Sweden, Italy, United States, United Kingdom
Sector
Manufacturing
(28) Manufacture of machinery and equipment
28.1 - Manufacture of general-purpose machinery
28.15 - Manufacture of bearings, gears, gearing and driving elements
2,500 jobs
Number of planned job losses
Job loss
Announcement Date
15 January 2013
Employment effect (start)
1 January 2013
Foreseen end date
31 December 2015

Description

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. 

Sources

Citation

Eurofound (2013), SKF, Internal restructuring in World, factsheet number 74765, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/74765.