STOCKHOLM (Reuters) – Swedish bearings maker SKF will close its plant in Busan in South Korea in the first quarter of 2024 and transfer production from the facility to existing facilities in China, India and Mexico, it said on Friday.
“This is another step in the continuous execution of the group’s strategy, where regionalisation is an important part,” SKF said in a statement.
It said the bulk of products manufactured at the Busan plant, which primarily makes bearing products for the automotive industry, are exported to other markets.
(Reporting by Anna Ringstrom, editing by Terje Solsvik)
