UPDATE 1-SKF says cutting costs to save 160 mln crowns/yr

Newswire

(Adds details, background, share price) STOCKHOLM, Dec 21 (Reuters) - Sweden's SKF , the world's biggest bearings maker, said on Thursday it would take new measures to cut costs and planned to shed 1,000 jobs. SKF said in a statement the steps, which included the previously announced closure of a plant in South Africa, would cost around 400 million Swedish crowns ($59 million) and generate annual savings of around 160 million. "The different activities, that will run during 2007 and ...

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