SKF AB (Sweden;
Stockholm:
SKFA)
has detailed the financial impact of its current cost improvement and
restructuring activities.
The company said total costs this year -- including the shuttering of its ball bearing
plant in Uitenhage, South Africa -- will come in at USD $59 million.
article: SKF closing South Africa bearing plant
$38 million of the $59 million is valuation write-downs. The ongoing cumulative
savings from these programs are expected to reach $23 million per year.
Through 2007, the programs are geographically diverse, affecting operations in,
"a number of countries," and reducing the global workforce by approximately
1,000 people (approximately 134 from South Africa).
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