SKF celebrates 100-year jubilee in 2007
Gothenburg, Sweden -- In 2007, SKF is celebrating its 100-year jubilee. Many projects and events are running within...
Gothenburg, Sweden — In 2007, SKF is celebrating its 100-year jubilee. Many projects and events are running within the SKF Group to celebrate this all around the world.
SKF says celebrations will start on Feb. 16, 2007, the day when SKF was founded, and end on Dec. 31. Many of the events are mobile. For instance, three exhibition trucks will be visiting customers and SKF sites throughout Europe. Special jubilee events will also be taking place in Canada, according to Jan Lindhe, president of SKF Canada of Toronto, Ont.
As a result of these activities, SKF has decided to cancel its Hanover Fair participation this year and put more effort into its jubilee activities.
In other news, the SKF Group is initiating a number of activities to further reduce costs and improve efficiency. The total cost of these activities — including the already announced closing of a factory in South Africa — amounts to some SEK 400 million, of which some SEK 260 million are impairments and writedowns. The annual benefit amounts to some SEK 160 million.
The restructuring activities that will run during 2007 will affect operations in China, Italy, South Africa, and a number of other countries, and will reduce the number of employees by about 1,000.
The cost will have an impact on the Automotive Division, involving some SEK 160 million. The corresponding figure for the Industrial Division is some SEK 220 million and for the Service Division some SEK 20 million.
Further details will be found in the SKF 2006 year-end report.