SKF AB (SKUFF,SKFB.L,SKF_A.ST,SKFb.ST), a Swedish bearing and seal maker, said on Monday that it has decided to relocate part of its operations in Argentina.
As a result, manufacturing at the site in Tortuguitas will be stopped with immediate effect, and the production will be relocated to other plants within SKF's global footprint.
Manish Bhatnagar, President, Industrial Region Americas and Australia at SKF, said: "Having thoroughly evaluated several alternatives, we have unfortunately not found a viable alternative to closing the Tortuguitas plant. This is obviously a difficult decision but necessary to ensure our global long-term competitiveness."
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