SKF announces two new factories in Asia
2010 August 26, 10:15 CET
At the SKF Capital Markets Day in Gothenburg on 26 August SKF announced two new investments in Asia.
Further SKF investment in China
SKF continues to expand in China and is building a factory for medium size bearings, to support the fast growing demand from the local market as well as the rest of Asia. The factory will mainly serve customers within the renewable energy, metalworking, off-highway, electric motors and industrial transmission industries.
The factory will be located in Dalian, close to SKF’s existing factory for large size bearings.
– Our business in Asia continues to develop very positively which makes an investment of this kind important to further support our growth in the region. This step strengthens our manufacturing base and reinforces our commitment to this market, says Tom Johnstone, SKF President and CEO.
The new investment amounts to around SEK 400 million. The new 12 000 m2 facility is expected to come into operation in 2011 and will employ 250 people.
Seals factory in Mysore, India
SKF has decided to expand its present seals manufacturing capacity by building a new factory in Mysore, India. The new factory will serve customers within the automotive, railway and industrial applications segments. The investment amounts to around SEK 160 million.
The decision is based on the fact that demand is rapidly growing mainly from SKF customers in India but also from customers in other geographical areas. The new Mysore factory will be part of SKF Technologies (India) Pvt Ltd. It will be fully operational by the second half of 2012 and will employ about 600 persons in total.
– SKF's rapidly expanding seals business in Asia calls for an increase of our capacity in the region. The factory will further strengthen SKF’s position in Asia and especially in India, says Tryggve Sthen, President SKF Automotive Division.
Gothenburg, 26 August 2010
|AB SKF may be required to disclose the information provided herein according to the Securities Markets Act and/or the Financial Instruments Trading Act. The information was submitted for publication at 10.15 am on 26 August 2010.
For further information, please contact:
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IR: Marita Björk, SKF Investor Relations, tel: +46 31-337 1994, mobile: +46 705-181994, e-mail: email@example.com
SKF is a leading global supplier of bearings, seals, mechatronics, lubrication systems and services which include technical support, maintenance and reliability services, engineering consulting and training. SKF is represented in more than 130 countries and has 15,000 distributor locations worldwide. Annual sales in 2009 were SEK 56,227 million and the number of employees was 41,172. www.skf.com