On Oct. 4, Sweden-based bearings manufacturer SKF inaugurated a new facility in Monterrey, Mexico, a greenfield factory investment totaling about $63 million.

The factory — SKF’s fourth in Mexico — will develop and manufacture deep-groove ball bearings for North American car manufacturers, as well as tapered roller bearings for industrial customers, for example in the agricultural market and for commercial vehicle applications.

“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,” said SKF President and CEO Rickard Gustafson, in a news release.

The facility will support SKF’s strategic development in the Americas and meet customer needs as the focus on electrification increases, SKF officials said in a news release.  The investment is also an important step in SKF’s ongoing automotive portfolio re-positioning towards the electric vehicle drivetrain and commercial vehicle segments.

“Regionalization is an important part of our strategy, and this factory will create a strong regional base for development and manufacturing, and further strengthen our value chain in North America,” said John Schmidt, SKF’s President of the Americas. “By being closer to both existing and new customers, we will be able to serve them even better.”