SKF reaches settlement with the European Commission

2014 March 19, 12:00 CET

Gothenburg, Sweden, 19 March 2014: The SKF Group has reached a settlement with the European Commission putting an end to the investigation regarding supply of bearings to the European automotive manufacturing industry. The company has agreed to pay EUR 315,109,000 (around SEK 2,8 billion)  and the settlement amount is covered by the earlier announced provision made by SKF already in its fourth quarter results 2013.

"This is a very sad day indeed for all of us in the SKF Group and I deeply regret that this has happened" says Tom Johnstone, SKF President & CEO. "While we strongly believe that no damage has been caused to our business partners this conduct is in clear violation of our values and the SKF code of conduct. SKF has cooperated fully with the authorities during the investigation and at the same time we have significantly intensified our compliance and training programmes throughout the SKF Group. What happened was unacceptable and should never happen again"

Today’s decision of the European Commission covers 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 makes no finding that SKF’s top management had involvement or knowledge in the conduct at issue.

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For further information, please contact:
Jerry Ni, SKF China Communication Manaer, +86 21 2321 2534;

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 15,000 distributor locations worldwide. Annual sales in 2012 were SEK 64,575 million and the number of employees was 46,039.

SKF started its business in China through agent from 1912, and established the first sales branch in Shanghai in 1916. Now, the number of employees of SKF in China is over 6500. There are 17 production units and many sales and service units, providing our customers with high quality products and services. The headquarters of SKF China is located in Shanghai.

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