Swedish SKF Group plans to invest US$106 million to build a new plant in Shanghai

On the evening of September 10, Beijing time, SKF Group, the world’s largest bearing manufacturer, announced on Monday that it plans to invest 700 million Swedish kronor (about US$106 million) to build a new plant and R&D center in Jiading District, Shanghai, China.

The construction of the plant is expected to begin before the end of the third quarter and will be completed in the fourth quarter of 2013. By 2015, the plant is expected to employ about 900 employees.

SKF CEO Tom Johnstone said the move will “strengthen our footprint in production, engineering, development and testing in this region and will enable us to provide better and faster support to local customers.” ."

In July this year, SKF stated that due to the global economic slowdown, it plans to contract production this year and carry out more cost reductions.