Your location:  Home  >  Bearing News  >  World Bearing News
<<  Back

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

Resource from:  https://www.skf.com Likes:125
Dec 01,2023

1.png

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 thatthe 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.”


(https://www.skf.com)
【CBCC News Statement】
1.The news above mentioned with detailed source are from internet.We are trying our best to assure they are accurate ,timely and safe so as to let bearing users and sellers read more related info.However, it doesn't mean we agree with any point of view referred in above contents and we are not responsible for the authenticity. If you want to publish the news,please note the source and you will be legally responsible for the news published.
2.All news edited and translated by us are specially noted the source"CBCC".
3.For investors,please be cautious for all news.We don't bear any damage brought by late and inaccurate news.
4.If the news we published involves copyright of yours,just let us know.

BRIEF INTRODUCTION

Cnbearing is the No.1 bearing inquiry system and information service in China, dedicated to helping all bearing users and sellers throughout the world.

Cnbearing is supported by China National Bearing Industry Association, whose operation online is charged by China Bearing Unisun Tech. Co., Ltd.

China Bearing Unisun Tech. Co., Ltd owns all the rights. Since 2000, over 3,000 companies have been registered and enjoyed the company' s complete skillful service, which ranking many aspects in bearing industry at home and abroad with the most authority practical devices in China.