SKF consolidates manufacturing facilities in North America
Gothenburg, 9 June 2016: SKF today announces the consolidation of its manufacturing facilities in North America, including the closure of its sites in San Diego, California and Baltimore, Maryland. Restructuring costs are expected to amount to around SEK 300 million, of which around SEK 100 million will be accounted for during Q2 2016 and the remainder as they occur. The consolidation is expected to generate full year cost savings of around SEK 220 million from 2019, whereof around SEK 70 million is expected to be achieved in 2018. Luc Graux, President, Bearing Operations, says: “