The world's largest bearing manufacturer cut production

Due to the global market slowdown affecting its business, Sweden's largest bearing manufacturer, Sweden's SKF, plans to cut production and further cut costs. SKF's second-quarter operating income fell to SEK 2.05 billion from SEK 2.62 billion in the same period last year, and operating profit margin fell to 12.% from 15.7% last year. SKF expects the company's third-quarter demand to be flat with the second quarter on Wednesday, and production in the third quarter is expected to be slightly lower than the second quarter. In addition to the slowdown in demand in Western Europe and Asia, SKF also said that the North American market is beginning to show signs of weakness. SKF CEO John Stone said, "This year we have not seen the growth of the entire automotive industry in the North American market like last year." SKF expects demand in Europe to decline slightly in the third quarter; demand in North America and Asia is flat; Latin America may be the only region showing growth. SKF has clearly planned to cut 400 of its 5,200 jobs in Germany as demand has fallen. Johnstone also said on Wednesday that it expects additional measures to cut spending in the fourth quarter. He said, “Especially in this industry, our manufacturing is mainly in Europe. Therefore, we need to adapt step by step and focus our business on areas with stronger growth and demand.”

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