Two weeks after bearing and seal manufacturer SKF announced the inauguration of a new factory in Monterrey, Mexico, the company confirmed a proposed closure of its factory in Luton, United Kingdon.

The proposal was made in May as part of a consolidation of the group’s spherical roller bearing manufacturing to secure the long-term competitiveness on the European markets.

The Luton factory employs approximately 300 people and will be closed for production by the end of 2024 in a staged process, SKF said in a news release.

“Following a comprehensive consultation process, the parties have confirmed that no viable alternative to closing the Luton factory has been found,” said David Johansson, President of the Industrial Region Europe Middle East and Africa. “As we move forward, we are committed to ensuring full support and assistance is provided to all those affected. On behalf of the full management team of SKF, I want to thank all our employees in Luton for their many years of commitment and dedication.”