SKF Consolidates Aerospace Manufacturing in Europe; Proposes to Close Site in Stonehouse
SKF AB S/ADR (SKFRY)
NASDAQ:AMEX Investor Relations:
skf.com/group/investors/investor-relations
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Source: PR Newswire
GOTHENBURG, Sweden, Dec 6, 2018 /PRNewswire/ -- SKF today announces a consolidation of its aerospace manufacturing footprint in Europe. Consequently, and subject to consultation with local unions, SKF proposes to close its bearing manufacturing site in Stonehouse, UK.The Group will now enter into a period of consultation with employee representatives. Should the proposal be confirmed, manufacturing at the site in Stonehouse will cease by 31 December 2021, with production moved to SKF's aerospace bearing manufacturing sites in Italy and France.Bernd Stephan, President, Automotive and Aerospace, says: "This consolidation is necessary in order to secure a continued competitive offering for the Aerospace industry, as it shifts away from legacy engines and aircraft to more modern ones. We will be able to make better use of more modern machines and manufacturing technologies at our sites in other parts of Europe."Stonehouse currently employs approximately 185 people. The Group is committed
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