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SKF is investing approximately $50 million in strengthening its manufacturing footprint and competitiveness in North America.
Approximately $28 million is being invested in expanding and automating manufacturing processes at the Group’s factory in Sumter, South Carolina.
A further $23 million is being invested in localizing manufacturing of Tapered Roller Bearings (TRBs) from China to an existing manufacturing site in Mexico. The transfer supports the Group’s regional manufacturing ambitions and will strengthen SKF’s North American product offering.
The technology upgrades, improved delivery times and greater flexibility is expected to enable SKF to consolidate factories in Avon, Ohio and North Charleston, South Carolina, into its Sumter, South Carolina factory.
The investments and consolidation announced today will take approximately 12-18 months to implement and will result in a reduction in staff of approximately 115, with associated restructuring costs amounting to $4 million which will be accounted for during the third quarter of 2020.