SKF AB (Sweden; Stockholm: 5251R9N7) is moving its machine tool super precision bearing manufacturing operations from Stonehouse in the UK to two facilities in Italy.

The shift had been part of an ongoing discussion with the UK unions, but agreements have now been reached. Approximately 80 workers will lose their jobs. Some have taken retirement, others have accepted layoffs, and others will be top-listed for openings at SKF's other manufacturing operation in Stonehouse, Aeroengine Bearings.

article: SKF may close Stonehouse Super Precision
SKF's decision to close Stonehouse eerily parallels to Timken's decision to shutter its own small UK-based high precision machine tool bearing shop in Willenhall.

article: Timken closing Willenhall machine tool bearing plant
SKF said the move ultimately became necessary because Stonehouse's machine tool bearing customers have gradually moved their manufacturing operations too far away -- most often, to central and southern Europe. In addition, the global economic decline has left it with massive manufacturing overcapacity in the machine tool segment.

Manufacturing resources will be moved to two SKF precision machine tool bearing plants in Italy: Villar Perosa and Turin.

SKF said, "The company therefore believes that concentrating its development and production facilities at its Italian factories will enable it to provide a faster and higher standard of service."