Date: 2013-08-01

SKF Says to Axe 450 Jobs as Cost Cuts Continue

Swedish engineer SKF (SKFb.ST: Quote, Profile, Research), the world's biggest bearings maker, said on Friday it would cut around 450 jobs across its operations as part of a broad effort to reduce its cost base.

The company said the total cost of the restructuring would amount to around 400 million crowns ($55 million) and would be charged to its fourth-quarter income statement.

"This will affect a number of operations and involve a reduction of around 450 people," SKF said in a statement.

"The benefit of the new actions will be around SEK 250 million per year when fully implemented by mid 2011." Most of the job cuts would take place in the Industrial Division, with some in the Automotive unit, while the main countries affected were Germany, Italy and Sweden, it said.

In an interview with Reuters earlier this month, SKF's chief executive Tom Johnstone said its automotive business was faring better than expected in the fourth quarter.

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