Date: 2013-08-01

SKF Downsizes in Gothenburg, to Book SEK90m Costs Q1 '10

Swedish industrial company SKF AB (STO: SKF B) said yesterday that it will book costs of some SEK90m in the first quarter of 2010 related to a downsizing in the western city of Gothenburg.

The restructuring programme, started in 2010 was completed in March and affected about 150 employees. The aim was to more permanently adapt the manufacturing capacity in Gothenburg.

The measures included early retirement, voluntary compensation, organisational reallocation and investments in skills and development.

The benefit of these actions, which will impact SKF's Industrial division, will be some SEK50m per year when fully implemented by the third quarter of 2010.

Thereby, SKF the company has adapted its cost levels to lower demand and is able to avoid production disruptions, the managing director of the domestic unit SKF Sverige, Carl Orstadius, said.

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