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. 28.15 - Manufacture of bearings, gears, gearing and driving elements
2,500 jobs Number of planned job losses
Announcement Date
15 January 2013
Employment effect (start)
1 January 2013
Foreseen end date
31 December 2015
Description
On 14 January 2013, the supplier of rolling bearings and seals, SKF announced plans to cut 2,500 positions as part of an expanded cost-cutting programme launched in 2010. About 550 positions will be cut in the Ukraine, Sweden, Italy and the United States.
SKF wants to save $347 million by the end of 2015 and to cut roughly 5 per cent of its total workforce. The jobs cuts will be mainly implemented through natural attrition and voluntary departures.
The new plan aims to transfer production from Western Europe to emerging countries with higher economic growth and lower salaries.
Eurofound (2013), SKF, Internal restructuring in World, factsheet number 74765, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/74765.
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