NSK-RHP Bearings is to close its loss-making factory at Ferrybridge, West Yorkshire, by the end of next year with the loss of 430 jobs.
The company blames the strong pound and increased competition for the decision, which comes despite a 30% rise in productivity over the past three years.
Production will be moved to plants in Newark, Nottinghamshire and Peterlee, County Durham.
At least 160 jobs could be created at Newark as a result of the reorganisation. No rise in workforce numbers is expected at Peterlee.
John McAndrew, managing director of NSK-RHP’s European bearings division, said: `Transferring production to our other sites will reduce costs and allow us to compete more effectively.’