SKF Goup to Build New Facilities in China

www.chinabuses.org: World's largest Bearing Manufacturer Sweden-based SKF Group announced to invest SEK 700 million (USD 107 million) to build a new plant and R&D center in Shanghai, China.

The construction will start at the end of the 3rd quarter of 2012 and be completed in the 4th quarter of 2013, providing 900 posts by 2015.

CEO Tom Johnstone said: "SKF will further strengthen our manufacturing, engineering, development and testing footprint in the region, and will enable us to even better support our customers locally with higher speed and increased competence and resources".

SKF, a leading indicator of manufacturing activity, had said in July that it planned to scale back production and make further cost cuts this year as a global slowdown tightened its grip on industry.

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