The Swedish automotive brand SKF will close its plant in Monterrey to relocate it to Puebla and La Silla, in Nuevo León. This expansion will create around 100 new job opportunities. The company has a presence in 130 countries, including Mexico, and has approximately 17,000 distributors worldwide. According to information on its website, the company focuses on building products such as bearings, seals, lubrication systems, and equipment to improve vehicle performance. Its services include engineering, maintenance, condition monitoring, and reconditioning. SKF is a company with over 100 years of history. Founded in 1907, it currently has more than 40,000 employees and 17,000 distributors worldwide for the automotive industry. 'Our products are everywhere in society. In fact, wherever there is movement, SKF solutions can be used. We are an important part of the daily lives of people and companies worldwide,' its website describes. The company's services include training solutions, mechanical maintenance services, application engineering, reliability engineering services, lubrication management, and digital tools. Available products include bearings, seals, lubrication, maintenance and power transmission products, condition monitoring, testing and measurement, and the automotive aftermarket. Why is SKF moving its factory from Monterrey? 'Following the decision to separate the businesses, along with lower-than-expected growth in electric vehicles, the Monterrey facility exceeds the operational requirements of each individual business,' the manufacturer explained. With this change, the goal will be to improve profitability by maintaining technical capacity for the demand for electric components. It also aims to consolidate a more agile production model to face the transition towards sustainable mobility, whose main target is the US market. The plant operated with a shared model between the industrial and automotive divisions to meet the demand for vehicle electrification in Monterrey. SKF projects an accounting charge for consolidation of approximately 500 million Swedish crowns (BSEK 0.5), which will be recorded in its second quarter financial statements.
