Swedish SKF continues to reduce the number of employees as the global downturn hits demand.

SKF, a Swedish bearing company founded in 1907, is taking further actions to both adapt manufacturing to the lower demand, the company said in a statement on Tuesday.

As a result, 900 people globally will lose their jobs.

At the same time, the company accelerates the move of production to faster growing regions of the world.

SKF will close the factory in Fontenay-le-Comte, France, where around 380 people will be affected. The reduction of people also includes other already initiated actions, for instance in India, the UK and Sweden.

The savings from all these actions will be around 300 million kronor (€27.3 million, $37.5 million) per year when fully implemented in the middle of 2010. To support these actions SKF will take restructuring charges of around 700 million kronor.

Since the third quarter of 2008 then about 3,700 people have left the company and around 1,100 are still to leave as part of previously announced programmes. Around 18,000 employees are presently working shorter time.