SKF informed of initiation of lawsuit pertaining to settlement with the European Commission
2016 March 09, 17:45 CET
Gothenburg, 9 March 2016: SKF has been informed of the initiation of a lawsuit, with a claim for damages, by Peugeot S.A., and several group companies, (PSA) against bearing manufacturers, including AB SKF, that were part of the settlement decision by the European Commission for violation of European competition rules.
PSA has filed the lawsuit with the Competition Appeal Tribunal in the United Kingdom. SKF has not, at this stage, received definitive information about the size of damages claimed nor the timetable of the process initiated in the Tribunal.
The amount of damages, if any, should SKF be found liable, is at this stage not possible to determine.
The decision by the European Commission in March 2014 covered violations of European competition rules with respect to sales of bearings to the automotive manufacturing industry in Europe. SKF was one of six bearing manufacturers involved in the investigation.
The settlement decision made no finding that SKF’s top management had involvement in, or knowledge of, the conduct at issue. Furthermore, SKF strongly believes that the activities sanctioned by the European Commission have not caused any damage to its business partners.
AB SKF is required to disclose the information provided herein pursuant to the Securities Markets Act and/or the Financial Instruments Trading Act. The information was submitted for publication at 17:45 on 9 March 2016.
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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 around 17,000 distributor locations worldwide. Annual sales in 2015 were SEK 75 997 million and the number of employees was 46 635. www.skf.com
® SKF is a registered trademark of the SKF Group.