SKF consolidates manufacturing in Europe, proposes to close factory in Luton

GOTHENBURG,Sweden,June 1,2023 -- SKF today announces a consolidation of its spherical roller bearing manufacturing to secure the long-term competitiveness on the European markets. The consolidation is also in line with the Group's strategy to invest in automation and regionalization,and accordingly rightsize its manufacturing operations in Europe. Consequently,SKF proposes to cease its bearing manufacturing site in Luton,UK.

Manufacturing at the site in Luton would be ramped down,with a full closure anticipated by the end of 2024. Production is proposed to be moved to SKF's factory in Poznan,Poland.

Aldo Cedrone,Acting President,Industrial Region Europe Middle East and Africa,says: "Although it is a difficult decision to make,this is an important step in securing our long-term competitiveness on the European markets. To ensure that our spherical roller bearing production stays competitive,investments are needed in new machinery and our evaluation showed Poznan is the optimum site for this investment. Our immediate focus is to support our colleagues in Luton."

The Luton factory currently employs approximately 300 people. The proposed activities are subject to consultation with employees and union representatives and SKF is fully committed to engaging with employees and their representatives throughout the consultation process.

Aktiebolaget SKF

(publ)

For further information,please contact:

PRESS: Carl Bjernstam,Acting SKF Media & Press Director

tel: 46 31-337 2517;mobile: 46 722-201 893;e-mail: carl.bjernstam@skf.com

INVESTOR RELATIONS: Patrik Stenberg,Head of Investor Relations

tel: 46 31-337 2104; mobile: 46 705-472 104; patrik.stenberg@skf.com

The following files are available for download:

https://mb.cision.com/Main/637/3777614/2096544.pdf

20230531 SKF consolidates manufacturing in Europe,proposes to close factory in Luton

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