SKF signs strategic partnership agreement with Sandvik Mining and Construction
2011 March 02, 11:30 CET
SKF has signed a three-year strategic partnership agreement with Sandvik Mining and Construction, strengthening the relationship between the two companies. The agreement is worth SEK 335 million of which SEK 70 million are aimed at new business.
SKF will handle Sandvik Mining and Construction’s inventories of SKF products, which will enable Sandvik to reduce cost of capital and be more responsive to their customers’ needs. The key area in the partnership is a new global logistic model, delivering reduced stock-keeping, fixed lead times, high availability and an automated electronic order processing solution.
In addition, SKF will cooperate with Sandvik Mining and Construction on defined cost-reduction projects and in the development of key Sandvik Mining and Construction products, involving SKF’s five platforms; bearings and units, seals, mechatronics, services and lubrication systems. The agreement concerns all Sandvik Mining and Construction’s products related to mining, mineral and construction equipment and the benefits will be increased performance of the machines concerning reliability, output and safety.
Sandvik Mining and Construction has also awarded SKF several contracts worth around MSEK 70, involving SKF spherical roller bearings that will be used in Sandvik’s screens, feeders and crushers.
- We are very happy to extend this partnership with Sandvik Mining and Construction. Our companies have similar company cultures, are present in all key markets and have a long history together both in supply, research and development, says Henrik Lange, President SKF Industrial Division.
- We were looking for a partner to work with global supply that could support us in our high growth ambitions, especially in China, India and Brazil, says Lars Josefsson, President Sandvik Mining and Construction.
The SKF plants manufacturing the parts according to the agreement are situated in Sweden, Germany, UK, China, India, USA, France, and Malaysia.
Gothenburg, 2 March 2011
For further information, please contact:
PRESS: Ingalill Östman, SKF Group Communication, tel: +46 31-337 3260, mobile: +46 706-973260, e-mail: email@example.com
IR: Marita Björk, SKF Investor Relations, tel: +46 31-337 1994, mobile: +46 705-181994, e-mail: firstname.lastname@example.org
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 2010 were SEK 61,029 million and the number of employees was 44,742. www.skf.com