Meanwhile, the bearings maker posted its 3Q results, made an Australasia acquisition and updated on its Automotive separation.
Latest In SKF
The bearings maker said it's eyeing the sale of non-core Aerospace product lines, which include seals, rings and PEDs.
The proposal was made as part of a consolidation of the group's spherical roller bearing manufacturing to secure competitiveness in Europe.
The bearings manufacturing facility will support SKF development in the Americas and meet customer needs as the focus on electrification increases.
Despite a sequential slowdown in organic sales growth, the bearings giant was able to accelerate its operating margin growth.
Bearing and seal manufacturer SKF will consolidate its spherical roller bearing manufacturing by shifting production to Poland.
SKF says the changes 'further strengthen its commercial focus in the company's journey towards increased profitable growth.'
The increase reflected organic sales growth of 10.1% for the Swedish bearings manufacturer.
MDM looks at another round of earnings reports from industrial suppliers.
The next phase of the bearing and seal manufacturer's expansion is expected to complete in 2024.
MDM looks at third-quarter 2022 earnings reports from Graybar, 3M, Pentair, SKF, Kimberly-Clark and Simpson Manufacturing.
Annika Ölme will re-join the bearings maker in October to lead its technology development efforts.
The company says sales for the third quarter of 2021 were SEK 20.1 billion (US$2.3 billion), 8.3% over the same period in 2020.
The increasingly acquisitive bearings manufacturer has added EFOLEX AB to its portfolio — its second deal announcement in as many days.
SKF’s addition of Rubico Consulting will be “integrated into SKF’s offer around the rotating shaft, as well as powering new technology areas such as bearings with fiber-optic sensors,” the company said
Bearing manufacturer SKF also sees sales improve 10.7% in first six months of 2021 as the company rebounds from a COVID-driven slowdown.
SKF CEO Danielson expects sales to continue to grow in Q2 to reach pre-COVD levels
Rickard Gustafson appointed to top executive position at Swedish bearings manufacturer SKF.
Bearings manufacturer SKF announces that Alrik Danielson is leaving the company after nearly five years at the helm.
The company said the transfer of production from Avallon to St-Cyr “enables a more competitive and flexible offer to customers, as well as the realization of synergies from the existing service center and logistics capabilities in Saint-Cyr.”
