SKF Cutting 2,500 Jobs - SKF (OTC:SKFRY)

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The strategy and the long-term financial targets which were launched by the SKF Group (OTC: SKFRY) in 2010 were based on initiatives for profitable growth and cost reductions in the business. Based on today's more challenging business environment the SKF Group has decided to expand and accelerate the programme for cost reduction activities aiming at reducing its annual cost by SEK 3 billion by the end of 2015. The cornerstones of the programme for cost reduction activities are: consolidation of production between sites

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