The Factory Of SKF Will Be Closed in Korea Busan And Gradually Move It To China

SKF announced on December 1, 2023 that it would transfer product supply from the Busan plant in South Korea to China, India and Mexico. Since most of the products produced in Busan are mainly exported to other markets. Therefore, after a thorough business review and comprehensive strategic considerations, SKF headquarters has decided to gradually close the production base in Busan, which is expected to be completely closed in the first quarter of 2024. SKF will continue to conduct business in South Korea and provide services to existing local customers in South Korea.

By moving product supply to SKF's facilities in Puebla, Mexico, Pune, India, and ATC Shanghai, China, these operations will be closer to its existing customers. Export procedures, shipping times and duties are avoided. At the same time, the implementation of this program can also attract new business opportunities and enable these enterprises to expand their scale.

Henry Wang, President of China and Northeast Asia Industrial Zone, said: "The decision to close the Busan plant was difficult to make, but it is absolutely critical for us to be closer to our customers and better serve them. Shifting the supply of these products also allows us to Being able to attract new business opportunities in different geographies."

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