SKF To Close Luton Factory In Europe Consolidation

Europe

SKF is consolidating its manufacturing of spherical roller bearings in Europe. This is to make sure they stay competitive in the long run. The company will invest in automation and regionalization to do this. They will also rightsize their manufacturing operations in Europe. As a result, SKF might close its bearing manufacturing site in Luton, UK.

The factory in Luton will shut down by the end of 2024. Production will move to a factory in Poland.

Aldo Cedrone is the acting president of the Industrial Region Europe Middle East and Africa. According to him, it was difficult to make a decision. But it's necessary to secure long-term competitiveness in European markets. The company needs to invest in new machinery to keep producing spherical roller bearings. Their evaluation shows the best place for this investment is Poznan. Their current goal is to help their colleagues in Luton.

About 300 people work at the Luton factory. The activities the factory wants to do need to be discussed with employees and unions. SKF will talk to employees and their representatives during the consultation process.

SKF AB is a company. It's a public company. That means people can buy shares in it. It's called "Aktiebolaget SKF (publ)" in Swedish.

Want to know more? Contact SKF's Media & Press Director, Carl Bjernstam. Call him at +46 31-337 2517 or +46 722-201 893. You can also send him an email at [email protected].

You can contact Patrik Stenberg for investor relations. He's the Head of Investor Relations. To reach him, call 46 31-337 2104. You can also call his mobile phone, which is 46 705-472 104. Alternatively, send him an email. His email address is [email protected].

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