Sweden's SKF to invest in Xinchang ball bearings plant

  • Reuters
  • Stock Market News
Sweden's SKF to invest in Xinchang ball bearings plant

STOCKHOLM, June 17 (Reuters) - Sweden's SKF SKFb.ST , the world's biggest maker of ball bearings will spend 400 million Swedish crowns ($43 million) to expand its manufacturing site in Xinchang, China, it said on Wednesday.

The company has lifted capital spending in recent years to modernize and increase automation in its global manufacturing setup, and is also pushing to get regional manufacturing more in line with regional demand.

"This investment is part of our strategic ambition to develop our regional manufacturing footprint," SKF's head of Bearing Operations, Kent Viitanen, said in a statement.

"Following our successful initial investment in Xinchang, expanding the site is a logical next step in strengthening our ball bearing capabilities in China."

In June 2019 SKF announced a 370 million investment to build the new factory in Xinchang, which is now up and running.

The second phase of the factory in Xinchang is expected to be operational by the end of 2021. ($1 = 9.3694 Swedish crowns)

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