Spinea posts a huge loss in 2023
Prešov-based maker of bearings for robots Spinea, part of Timken, lost €91.4m last year and its sales fell by 40% to €17.4m. It cut its workforce by 200 to 300. It is one of the four largest global firms in its sector and clients include Kuka and ABB. It is facing a sharp drop in demand and cheap Chinese competition. The new owner, who bought the plant for $150m in 2022 from Jozef Jankulák, hopes for a recovery in demand to avoid returning a €20m state subsidy for the recently built new plant. Last year's loss was mainly due to accounting operations, namely a €73m write-down of goodwill.
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