The restructuring events database contains factsheets with data on large-scale restructuring events reported in the principal national media and company websites in each EU Member State. This database was created in 2002.
Manufacturing Manufacturing Of Machinery And Equipment Manufacture Of Machinery And Equipment N.E.C. 28 - Manufacture of machinery and equipment n.e.c.
1,400 jobs Number of planned job losses
Announcement Date
14 October 2003
Employment effect (start)
Foreseen end date
Description
The supplier of rolling bearings and seals, SKF has drawn up a restructuring plan aimed at sharply reducing costs. In addition to the programme for its subsidiary Ovako Steel, some further restructuring activities affecting other group facilities will be implemented to improve the group's productivity. These activities are now in the planning phase and will be announced during the fourth quarter. The total number of employees affected by the restructuring programmes will be around 1400. The yearly savings resulting from these programmes amount to MSEK 500.
Sources
14 October 2003: Dagens Nyheter
14 October 2003: Press release by SKF (www.skf.com)
Citation
Eurofound (2003), SKF, Internal restructuring in World, factsheet number 59377, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/59377.
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