SKF Cuts 2,500 Jobs to Reduce Costs Amid Weakening Demand
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SKF AB, the world’s largest maker of bearings, will cut about 2,500 jobs and move production from western Europe to faster-growing countries to help save 3 billion kronor ($464 million) and offset flagging demand.
“Demand weakened as we went through the fourth quarter and we expect it to continue at this lower level at the beginning of this year,” Chief Executive Officer Tom Johnstone said in a statement. “Manufacturing was therefore reduced more than planned to reflect this.”