PSL Bearings Laying Off 20%
Resource from: CBCC Likes:2965
Apr 23,2009
PSL Bearing (Slovakia, a joint venture division of Rothe Erde, a ThyssenKrupp division) announced it will lay off nearly 200, or 20% of the workforce, from its factory in Povazská Bystrica, Slovakia.
PSL cited the current economic situation and dramatically lower demand, particularly from its key export markets -- France, Germany, Italy, and the United States. Nearly all of PSL's bearing production is exported.
The company produces geared and ungeared slewing ring bearings in ODs ranging from 200mm through 3.5 meters. PSL also manufactures and distributes smaller tapered roller bearings, spherical roller bearings, cylindrical roller bearings and worm drive systems.
Only a few months ago, PSL was the target of a two-year, 2 billion crown (USD $90 million) project to boost production of large bearings and slewing ring bearings for wind turbine applications. By 2011, production capacity for large wind turbine bearings should be up by more than 50%.
Before the layoffs, PSL employed nearly 1,100 workers; the expansion was forecast to add 200 more. But instead of 1,300, employment will most likely stay near the 900 level for some time as the key driver of that expansion, the wind power market, continues to have trouble gaining market traction. At the same time, competitors have been putting more bearing manufacturing capacity online to support the same wind turbine market.
PSL has sales offices and warehouses in Germany, Russia, and the United States.
ThyssenKrupp also has the Rothe Erde subsidiary with an often-parallel product line in bearings, but PSL and Rothe Erde operate as separate entities.
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