SKF strengthens magnetic bearings offer by acquiring fibre composite company
GOTHENBURG, Sweden, Nov. 8, 2023 /PRNewswire/ -- SKF has signed an agreement to acquire 2C Composites, a German high-performance fibre composite supplier. Through the acquisition, SKF will secure the supply of a leading and unique technology of composite layers which will strengthen the Group's m...
SKF Nine-month report 2023: Resilient margins and strong cash flow despite slowdown in demand
GOTHENBURG, Sweden, Oct. 27, 2023 /PRNewswire/ -- Rickard Gustafson, President and CEO: "During the quarter we continued to see a slowdown in demand from a weakening economic sentiment and customers reducing their inventories. Despite this, our profitability was resilient, and our cash flow rem...
SKF concludes strategic review of Aerospace business; strengthens its core business
GOTHENBURG, Sweden, Oct. 27, 2023 /PRNewswire/ -- Following the completion of a strategic review of its Aerospace business, SKF is further strengthening and investing in its Aerospace core areas, but also exploring strategic options to fully or partially exit business lines that are non-core. SK...
SKF confirms closure of Luton factory
GOTHENBURG, Sweden, Oct. 17, 2023 /PRNewswire/ -- Following a consultation process with employees and union representatives, SKF confirms the proposed closure of its factory inLuton, UK. The proposal was made in May 2023 as part of a consolidation of the Group's spherical roller bearing manufactu...
SKF to publish nine-months results on 27 October
GOTHENBURG, Sweden, Oct. 11, 2023 /PRNewswire/ -- SKF will publish its nine-months results for 2023 on27 October 2023 at approximately 07:00 (CET). Investors, analysts and media are invited to join a webcast, which will be held in English, at 08:15 (CET). To join the webcast, please login at lea...
SKF inaugurates factory in Monterrey, Mexico
GOTHENBURG, Sweden, Oct. 4, 2023 /PRNewswire/ -- SKF has inaugurated its new facility inMonterrey, Mexico, a greenfield factory investment totaling SEK 700 million. This will support SKF's strategic development in the Americas and meet customer needs as focus on electrification increases. The inv...
Nomination Committee of AB SKF for the Annual General Meeting 2024
GOTHENBURG, Sweden, Sept. 8, 2023 /PRNewswire/ -- In accordance with a resolution taken at the Annual General Meeting of AB SKF, this is to announce the members elected by the four largest shareholders by number of votes per31 August 2023, who, together with the Chair of the Board constitute the ...
SKF appoints Sophie Arnius as Head of Investor Relations
GOTHENBURG, Sweden, Aug. 31, 2023 /PRNewswire/ -- Sophie Arnius has been appointed Head of Investor Relations, starting latest24 February 2024. Sophie joins SKF from Electrolux and she succeedsPatrik Stenberg who will continue in his role as Director, Mergers & Acquisitions. Sophie Arnius has ex...
SKF Half-year report 2023: Strong sales, profit, and cash flow
GOTHENBURG, Sweden, July 19, 2023 /PRNewswire/ -- Rickard Gustafson, President and CEO: "I'm pleased to report that our strategic transformation continues at a high pace, clearly reflected by a strong set of numbers in the second quarter. In the quarter, we saw record high net sales, adjusted op...
SKF divests coolant pumps operations
GOTHENBURG, Sweden, July 12, 2023 /PRNewswire/ -- SKF has signed an agreement to divest Spandau Pumpen to EBARA Pumps Europe S.p.A, a group company of the global industrial machinery manufacturer EBARA CORPORATION. Spandau Pumpen is focused on coolant pumps in SKF's lubrication business. The div...
SKF Half-year report to be published on 19 July
GOTHENBURG, Sweden, July 11, 2023 /PRNewswire/ -- SKF will publish its Half-year results for 2023 on 19 July at approximately 07:00 (CEST). Investors, analysts, and media are invited to join a webcast, which will be held in English, at 08:15 (CEST). To join the webcast, please login at least 10 ...
SKF and Sinoma Nitride accelerate large-scale application of hybrid ceramic ball bearings
GOTHENBURG, Sweden, June 29, 2023 /PRNewswire/ -- SKF and Sinoma Nitride, an industry-leading developer and producer of silicon nitride materials and ceramic balls, have entered into a Joint Venture (JV) contract to deepen their cooperation within hybrid ceramic ball bearings. The cooperation is ...
SKF signs Virtual Power Purchase Agreement (VPPA) to support renewable energy in Europe
GOTHENBURG, Sweden, June 22, 2023 /PRNewswire/ -- SKF has signed a Virtual Power Purchase Agreement (VPPA) in the next step towards its target of 100% renewable electricity by 2030. Under the long-term agreement with the global energy company Enel, SKF will purchase guarantees of origin for a per...
SKF announces electric aviation agreement with Lilium
SKF leads the way in bearing provision for the electric aircraft market GOTHENBURG, Sweden, June 21, 2023 /PRNewswire/ -- SKF is today announcing that a supplier agreement has been signed with Lilium, developer of the first all-electric vertical take-off and landing (eVTOL) jet. SKF has supported...
SKF signs EUR 800 million multicurrency revolving credit facility
GOTHENBURG, Sweden, June 16, 2023 /PRNewswire/ -- SKF has successfully signed a EUR 800 million multicurrency revolving credit facility. The facility has a tenor of five years with two one-year extension options, and it will serve as a back-up liquidity facility for general corporate purposes. It...
SKF to phase out its own fossil gas use with a SEK 3 billion decarbonization investment frame
GOTHENBURG, Sweden, June 9, 2023 /PRNewswire/ -- SKF has decided to allocate SEK 3 billion to meet its energy and decarbonization goal by 2030, which is a key element of the Group's strategy. The Group has also decided to ban any fossil fuel investments in its own operations, as well as to replac...
SKF establishes global Product Category Rules for bearings to quantify environmental impact
GOTHENBURG, Sweden, June 1, 2023 /PRNewswire/ -- Product Category Rules (PCR) for the bearing industry, initiated and driven by SKF, have been approved by The International EPD System. This will enable bearing purchasers to make more informed and sustainable choices, while also promoting greater ...
SKF consolidates manufacturing in Europe, proposes to close factory in Luton
GOTHENBURG, Sweden, June 1, 2023 /PRNewswire/ -- SKF today announces a consolidation of its spherical roller bearing manufacturing to secure the long-term competitiveness on the European markets. The consolidation is also in line with the Group's strategy to invest in automation and regionalizati...
SKF announces changes to Group Management to further strengthen its commercial focus
Three new appointments are made in SKF Group Management aiming to further strengthen its commercial focus in the company's journey towards increased profitable growth. A new position is also created to drive strategic sales and portfolio management. GOTHENBURG, Sweden, May 25, 2023 /PRNewswire/ ...
SKF invests in magnetic bearing manufacturing to meet increasing demand
GOTHENBURG, Sweden, May 22, 2023 /PRNewswire/ -- SKF is increasing its technical and manufacturing capabilities within magnetic bearings through an investment totalingSEK 50 million in a new manufacturing site in Tangier, Morocco. The new site will ramp up operations during the second quarter an...
