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| Sweden's SKF to slash 900 more jobs worldwide |
| Press Trust of India / Stockholm/New Delhi Jun 30, 2009, 19:54 IST |
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Swedish bearings maker SKF will be trimming another 900 jobs globally and will shut down its plant in France, as the company cuts down on manufacturing in tune with weakening demand.
The company, which has a good presence in India, has already cut 3,700 jobs since the third quarter of 2008.
"SKF is taking further actions to both adapt manufacturing to the lower demand and to accelerate the move of production to faster growing regions of the world. This will affect about 900 people globally," the firm said in a statement today.
Further, the company would close its factory in Fontenay-le-Comte, France, and the move would affect about 380 people. The factory produces small ball bearings primarily used in applications such as household appliances and electrical motors.
SKF said it began actions during the third quarter of 2008 to reduce its manufacturing output in light of the weakening demand affecting nearly all segments.
"Since then, about 3,700 people have left the company and around 1,100 are still to leave as part of previously announced programmes.
"The total reduction of people also includes other already initiated actions, for instance in India, the UK and Sweden," it noted.
According to the statement, the savings from all these actions would be around 300 million Swedish crowns per year when fully implemented in the middle of 2010.
Going by its website, SKF India, which is part of the Swedish Group, offers various kinds of bearings that are widely used in cars and truck wheel ends, among others.
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