SKF BEARINGS OFFERS Rs40-CR VRS; PLANS TO MOVE WORKS
Article Abstract:
SKF Bearings Ltd (SKF) is has offered a voluntary retirement scheme (VRS) to 800 of its employees. This is being done due to the poor demand for its products in the market and the lower profits. The VRS costs more than Rs40 crore. It will be funded through sale of its corporate office premises at the Nariman Point and the maintenance support unit at Worli, both in Mumbai. Nearly 608 workers have already availed of VRS. VRS has been extended till July 30, 1998. SKF is shifting to Pune and Bangalore, where it has plants. (gs)
Comment:
Is offering voluntary retirement scheme to 800 of employees due to poor demand for products in market & lower profits
Publication Name: Economic Times
Subject: Business, international
ISSN: 0013-0389
Year: 1998
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TIMKEN GROUP SCOUTING FOR STEEL UNITS IN INDIA
Article Abstract:
Global steel and bearing maker, the Timken group of USA, is looking for opportunities to acquire steel plants in India and other parts of the world. It has chalked out plans to globalise its steel business, which is now being done through its mills based in USA. Tata Timken Ltd, the Indian associate of the group, has entrusted 2 of its senior executives to identify and evaluate plants in India for acquisition. Tata Timken Ltd, a bearing making company, will not be integrated with the group's metal manufacturing operations. (tsm)
Publication Name: Economic Times
Subject: Business, international
ISSN: 0013-0389
Year: 1998
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SKF PLANS TO SELL MUMBAI OFFICE
Article Abstract:
SKF Bearings Ltd (SKF) plans to sell its corporate office at Hoechst House at Nariman Point in Mumbai. It proposes to relocated the activities carried out by its city offices to its factory in Pune. The money raised will be used to fund its voluntary retirement scheme. During 1997-98, its net profit declined by 80 percent to Rs6 crore. SKF declared a dividend of Rs1 for 1997-98 (Rs4 in 1996-97). Its finished stock has increased by 227 percent to Rs72.87 crore (Rs22.23 crore). (ag)
Comment:
Plans to sell corporate office at Hoechst House at Nariman Point in Mumbai in India
Publication Name: Economic Times
Subject: Business, international
ISSN: 0013-0389
Year: 1998
User Contributions:
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