SKF builds new factory in China
2011 March 08, 08:00 CET
SKF continues its expansion in Asia and is building a new factory in Jinan, in the Shandong Province, China. The new investment will support the rapid growth of SKF’s business in China and Asia.
The factory will be built according to the Leadership in Energy and Environmental Design (LEED) standard and while it will mainly manufacture tapered roller bearings and truck hub units for the automotive and truck business, it will also serve the industrial markets and vehicle aftermarket.
The decision is a part of SKF’s strategy to strengthen its manufacturing footprint in Asia, to support the growing demand from customers in China and elsewhere in Asia.
- Our automotive and truck business in Asia is rapidly expanding and in recent years we have strengthened our manufacturing and product development footprint in the region. This new facility will complement our existing operations and enable us to serve these customers in China and Asia even better and faster, says Tryggve Sthen, President, SKF Automotive Division.
The investment amounts to around SEK 590 million. The 16,000 m2 factory will be fully operational by the first half of 2012 and will initially employ about 500 people.
Gothenburg, 8 March 2011
|AB SKF may be required to disclose the information provided herein pursuant to the Securities Markets Act. The information was submitted for publication at 08.00 am CET on 8 March 2011.
For further information, please contact:
PRESS: Ingalill Östman, SKF Group Communication, tel: +46 31-337 3260, mobile: +46 706-973260, e-mail: firstname.lastname@example.org
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 2010 were SEK 61,029 million and the number of employees was 44,742. www.skf.com