SKF increases localization rate in the Americas and Asia; closes factory in Busan, Korea

December 01, 2023 06:16 PM AEDT | By Cision
Follow us on Google News: https://kalkinemedia.com/resources/assets/public/images/google-news.webp

GOTHENBURG, Sweden, Dec. 1, 2023 /PRNewswire/ -- SKF today announces a transfer of the supply of products from the factory in Busan, Korea, to China, India and Mexico. This is another step in the continuous execution of the Group's strategy, where regionalization is an important part. Consequently, and after a thorough business review and consideration of alternative options, it has been decided that the manufacturing site in Busan will be ramped down, with a full closure anticipated in the first quarter of 2024. SKF will remain a local presence in Korea to serve its existing customers there.

The Busan factory currently employs approximately 90 employees and mainly manufactures bearing products for the Automotive industry. During the last years, several attempts have been made to penetrate the Korean domestic market. However, a vast majority of the products manufactured in Busan are still exported to other markets.

By transferring the supply of products to SKF's factories in Puebla, Mexico, Pune, India, and Shanghai ATC, China, these businesses will be closer to its existing customers. In addition, it will enable these businesses to expand by attracting new local business opportunities. This also supports the Group's Automotive strategy and the ongoing portfolio re-positioning towards the electric vehicle drivetrain and commercial vehicle segments.

Henry Wang, President Industrial Region China and Northeast Asia, says: "The decision to close our factory in Busan is very difficult to take but it is absolutely vital for us to be close to our customers in order to serve them even better. Transferring the supply of these products also enables us to attract new business opportunities in our different regions."

"Our focus now is to provide support to our employees in Busan during these challenging times. On behalf of the full management team of SKF, I would also like to express our appreciation for the commitment and dedication they have shown over the years."

Aktiebolaget SKF
      (publ)

For further information, please contact:
PRESS: Carl Bjernstam, Head of Media Relations
tel: 46 31-337 2517; mobile: 46 722-201 893; e-mail: [email protected]

INVESTOR RELATIONS: Patrik Stenberg, Head of Investor Relations
tel: 46 31-337 2104; mobile: 46 705-472 104; [email protected]

The following files are available for download:

https://mb.cision.com/Main/637/3886028/2466674.pdf

20231201 SKF increases localization rate in the Americas and Asia; closes factory in Busan, Korea

https://news.cision.com/skf/i/hbu3-jpeg-fullresolution,c3244873

HBU3 jpeg fullresolution

https://news.cision.com/skf/i/skf-henry-wang,c3244874

SKF-Henry Wang

 


Disclaimer

The content, including but not limited to any articles, news, quotes, information, data, text, reports, ratings, opinions, images, photos, graphics, graphs, charts, animations and video (Content) is a service of Kalkine Media Pty Ltd (Kalkine Media, we or us), ACN 629 651 672 and is available for personal and non-commercial use only. The principal purpose of the Content is to educate and inform. The Content does not contain or imply any recommendation or opinion intended to influence your financial decisions and must not be relied upon by you as such. Some of the Content on this website may be sponsored/non-sponsored, as applicable, but is NOT a solicitation or recommendation to buy, sell or hold the stocks of the company(s) or engage in any investment activity under discussion. Kalkine Media is neither licensed nor qualified to provide investment advice through this platform. Users should make their own enquiries about any investments and Kalkine Media strongly suggests the users to seek advice from a financial adviser, stockbroker or other professional (including taxation and legal advice), as necessary. Kalkine Media hereby disclaims any and all the liabilities to any user for any direct, indirect, implied, punitive, special, incidental or other consequential damages arising from any use of the Content on this website, which is provided without warranties. The views expressed in the Content by the guests, if any, are their own and do not necessarily represent the views or opinions of Kalkine Media. Some of the images/music that may be used on this website are copyright to their respective owner(s). Kalkine Media does not claim ownership of any of the pictures displayed/music used on this website unless stated otherwise. The images/music that may be used on this website are taken from various sources on the internet, including paid subscriptions or are believed to be in public domain. We have used reasonable efforts to accredit the source wherever it was indicated as or found to be necessary.

Two ASX Listed Stocks Giving Bullish Indications

Recent Articles

Investing Tips

Previous Next
We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it.