Date: 2013-08-01

SKF Lists Restructuring Costs, Benefits

SKF Lists Restructuring Costs, Benefits


SKF AB (Sweden; Stockholm: SKFA) has detailed the financial impact of its current cost improvement and restructuring activities.

The company said total costs this year -- including the shuttering of its ball bearing plant in Uitenhage, South Africa -- will come in at USD $59 million. $38 million of the $59 million is valuation write-downs. The ongoing cumulative savings from these programs are expected to reach $23 million per year.

Through 2007, the programs are geographically diverse, affecting operations in, "a number of countries," and reducing the global workforce by approximately 1,000 people (approximately 134 from South Africa).

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