Swedish bearings specialist SKF has inaugurated its new facility in Monterrey, Mexico. It is its fourth factory in the country.

The greenfield factory investment totals SEK 700 million (around £52 million, $60 million).

The firm says that the facility will support its strategic development in the Americas. The investments are an important step in SKF's ongoing Automotive portfolio re-positioning towards the electric vehicle drivetrain and commercial vehicle segments, it added.

The new factory will develop and make groove ball bearings (DGBB) for North American automakers, as well as tapered roller bearings (TRB) for industrial customers, for example in the Agri market, and commercial vehicle applications.

Rickard Gustafson, President and CEO, said: "Building on over 100 years of presence in Mexico, it is fantastic to see our new factory now being inaugurated. Investing in engineering and manufacturing capabilities in the strategically located Monterrey will make us stronger and more flexible and increase our competitiveness in the Americas."

Kerstin Enochsson, President, Automotive, said: "These investments further strengthen our offers within the fast-growing and strategically important electric driveline, both for passenger and commercial vehicles, as well as our delivery and regional capabilities in North America. This will reinforce our position as a global, leading supplier to the electric and commercial vehicle markets."

The Monterrey factory is expected to generate roughly 1,200 jobs once fully operational.