Wednesday, December 10, 2008

SKF to cut 2,500 jobs

Swedish group SKF, the world's leading maker of ball bearings said on Wednesday that 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 in a statement.

"SKF has initiated a number of actions involving a reduction of the workforce by around 2,500 people globally."

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.

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