Notice Regarding Proposed Withdrawal Production from the Peterlee site, UK
NSK Ltd. (NSK; Headquarters: Tokyo, Japan; President and CEO: Akitoshi Ichii) announced that the NSK's European manufacturing subsidiaries, NSK Bearings Europe Ltd and AKS Precision Ball Europe Ltd, have entered into formal collective consultation with its union and elected representatives on a proposal to withdraw production from the Peterlee sites in County Durham, North East England.
NSK is advancing structural reforms in its European operations.Due to persistent challenges in the profitability of locally manufactured products, NSK has been implementing measures such as withdrawing from unprofitable businesses and reorganizing the production sites. The proposed withdrawal production from the Peterlee site is part of these ongoing structural reforms. Going forward, NSK will engage in careful consultations with all relevant stakeholders regarding the potential withdrawal. If closure proceeds, we envisage this would be no later than March 2027 and the company will implement all necessary measures to support all circa 350 employees who may be affected.
At this point in time, it is difficult to provide a reliable quantitative forecast regarding the impact of this matter on our business performance. We will conduct a thorough assessment and communicate the results promptly once the extent of the impact has been clarified.
Legal background under Section 139 of the Employment Rights Act 1996, and Section 188 of the Trade Union and Labour Relations Act 1992, in the United Kingdom, it is stipulated that consultation on the proposal for redundancies and the reason for consideration with a recognised independent Trade Union is required, when proposing 20 or more redundancies at one establishment over a period of 90 days or less.
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