The world′s largest bearing manufacturer SKF Group in Sweden on Monday announced a restructuring plan, due to the decline in demand, will lay off 2,500 people worldwide, equivalent to about 5% of the 4.6 million workforce, to fight before the end of 2015 to cut 3 billion Swedish kronor (about $ 464 million) cost.

The company said the layoffs of about 550 people in the first phase is expected to be completed before the end of this year, mainly in Ukraine, Italy, Sweden and the United States.

      The company spokeswoman of British good Keli′er - Osterman (Ingalill Ostman) said that the end of December last year, demand was particularly weak, not just in Europe, North America and Asia. She said: "Our industrial business is very weak in all regions, especially in the European automotive market."
Due to weak market demand, SKF announced in June last year to lay off 400 people in Germany, announced that it would cut production in October of the same year.
S KF said Monday, the latest in the reorganization will result in 2012-2015 included in the expenditure of about 15 billion kronor, of which 200 million kronor will be included in the 2012 fourth quarter results. The company said the restructuring, including the relocation of part of the production from Western Europe to Eastern Europe, Asia and Latin America, and merge the other part of the business. The cuts will be mainly through early retirement and voluntary redundancy, minimize the number of compulsory redundancies. (SKF Group)）