In a sign that global economic conditions are still deteriorating in some sectors, even as others show signs
of improvement, SKF AB (Sweden;
Stockholm:
SKFB; 5251R9N7)
revealed plans for additional restructuring efforts, layoffs, and other cost cutting moves.
SKF said it needs to continue adapting to changing and deteriorating market conditions; part of that
effort will be to further reduce its workforce by approximately 450 workers worldwide.
300 will be cut from various Industrial Division operations, while most of the other 150 will come from
the Automotive division. The moves will be primarily impact SKF operations in Germany, Italy, and Sweden.
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