NSK plans to close UK factories, putting 350 jobs at risk [Yahoo! Finance]
NSK LTD UNSP/ADR (NPSKY)
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Source: Yahoo! Finance
The European manufacturing subsidiaries of NSK, NSK Bearings Europe and AKS Precision Ball Europe, have begun formal collective consultation to withdraw production from the sites. If the closures of the sites proceed, they would take place no later than March 2027, according to the company, as it restructures its European operations. In its statement, NSK said it is “advancing structural reforms in its European operations. Due to persistent challenges in the profitability of locally manufactured products, NSK has been implementing measures such as withdrawing from unprofitable businesses and reorganising the production sites. “The proposed withdrawal production from the Peterlee site is part of these ongoing structural reforms. Going forward, NSK will engage in careful consultations with all relevant stakeholders regarding the potential withdrawal.” Workers' union Unite has urged NSK to scrap its plan to shut the sites, which produce automotive bearings. The union said the
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