Ball Bearing Maker SKF to Cut 2,500 Jobs

Dec. 10, 2008
Cuts due to slowdown in automotive segment

Swedish group SKF, the world's leading maker of ball bearings said on Dec. 10 it will cut 2,500 jobs, including 1,300 temporary posts, as key auto clients struggle in the economic downturn.

"The automotive segments have continued to rapidly fall and a negative trend is now also seen for the industrial segments, leading to much lower total demand for the group in the fourth quarter," SKF said.

It said it had cut production during the third quarter to cope with the fall in demand but had to take further action in face of the continued downturn.

At the end of 2007, the company's workforce totalled just under 43,000.

Copyright Agence France-Presse, 2008

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