Key Developments: SKF INC (SKFRY.PK)
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Latest Key Developments (Source: Significant Developments)
SKF INC Announces Details of FY 2012 Dividend Proposal
SKF INC announced that its Board has decided to propose a dividend for the financial year 2012 of SEK 5.50 per share. It is proposed that shareholders with holdings recorded on May 2, 2013 be entitled to receive the proposed dividend. Subject to resolution by the Annual General Meeting in accordance with this proposal, it is expected that Euroclear will distribute the dividend on May 7, 2013. Full Article
SKF INC Divests Metallic Rods Business to Precision Castparts Corp
SKF INC announced that the Company has signed an agreement to divest its metallic rods business to a United States -based Precision Castparts Corp (PCC) for approximately EUR 40 million on a cash and debt free basis. This includes the sale of the operations at the SKF sites in St. Vallier sur Rhone, France and Monroe, Washington in the United States. The sale affects approximately 230 employees in France and around 25 in the United States. Full Article
SKF INC Appoints Henrik Lange as Group CFO
SKF INC announced that Henrik Lange is appointed Group Chief Financial Officer (CFO) of the Company succeeding Tore Bertilsson who is retiring. The Company announced that Tore Bertilsson, Executive Vice President and CFO, has decided to retire from the Company after nearly 24 years of service. Up until his retirement later in 2013, he continues as Executive Vice President. Henrik Lange has been appointed Executive Vice President and CFO. He assumes the role as Executive Vice President with immediate effect, and the role as CFO, from May 1, 2013. He currently serves as President SKF Industrial Market, Strategic Industries, and is a Member of SKF Group Management. He joined the Company in 1988 and has held several managerial positions within SKF, both in general management and in the finance area. Rakesh Makhija, has been appointed President Industrial Market, Strategic Industries, from May 1, 2013. Mr. Makhija, currently President with overall responsibility for China and India, joined the Company in 2002 as Managing Director, SKF India Limited. In 2010, he was appointed as President, SKF Asia and at the same time became a Member of SKF Group Management. Both Henrik Lange and Rakesh Makhija will be Members of SKF Group Management and the Executive Committee. Full Article
SKF INC Signs Long-Term Agreement With United Technologies Corp's Pratt & Whitney
SKF INC announced that they have signed a long-term agreement with Pratt & Whitney, a unit of United Technologies Corp., for approximately SEK170 million. Within the agreement, SKF will provide main shaft bearings for Pratt & Whitney's PurePower PW1100G-JM engine. This agreement and associated work builds upon SKF's support of other Pratt & Whitney engine programs. Full Article
Standard & Poor's Lowers Outlook and Maintains Credit Rating for SKF INC-Reuters
Reuters reported that Standard & Poor's has lowered outlook for SKF INC from stable to negative. It has also reiterated its long-term credit rating of A-. Full Article
SKF INC Completes Acquisition Of Blohm + Voss Industries GmbH
SKF INC announced that the acquisition of German-based ship components provider Blohm + Voss Industries (BVI) has been approved by the relevant authorities and is closed. SKF paid around EUR80 million for 100% of the equity of BVI and assumed net loans of EUR18 million. Blohm + Voss Industries will be integrated into SKF's marine segment and report into the business area Industrial Market, Regional Sales and Service. Full Article
SKF INC Proposes FY 2012 Dividend of SEK 5.50 per Share
SKF INC announced that the Board has decided to propose an unchanged dividend of SEK 5.50 per share for the fiscal year 2012 to the Annual General Meeting. Previously, the Company reported a dividend of SEK 5.50 per share for the fiscal year 2011. Full Article
SKF INC Partners With Protean Electric To Develop Advanced Drive Solutions For Hybrid And Electric Vehicle Markets
SKF INC announced that it has signed a strategic partnership agreement with US-based Protean Electric where SKF will supply expertise and advanced automotive solutions for Protean's in-wheel electric drive for the hybrid and electric vehicle markets. The Protean-SKF strategic partnership is a five-year agreement that initially focuses on a wheel bearing system with integrated sealing and sensors developed specifically for Protean Electric. Full Article
SKF INC Expands Program to Improve Efficiency and Reduce Costs; to Cut Jobs
SKF INC announced that it has decided to expand and accelerate the program for cost reduction activities aiming at reducing its annual cost by SEK 3 billion by the end of 2015. The cornerstones of the program for cost reduction activities are: consolidation of production between sites, transfer of production from West Europe to East Europe, Asia, Latin America, optimization and productivity improvements in the manufacturing and demand chain processes, consolidation of and efficiency improvements in administration and support functions, reduction in purchasing cost mainly through standardization and rationalization of the supplier base. The total cost for this program will be approximately SEK 1.5 billion for the years 2012 to 2015 and will be recorded as projects are finally approved and implemented during the period. This will impact approximately 2,500 people primarily through early retirement and other voluntary and agreed reductions. In the fourth quarter 2012, the Company will report restructuring cost of SEK 200 million as the first step of the program and in addition SEK 100 million for impairments and write down of assets. The annual savings from this first step will be SEK 150 million when fully implemented in the second half of 2013. Approximately 550 people are affected primarily in Ukraine, Italy, Sweden and the United States. Full Article
SKF INC to Acquire Blohm + Voss Industries
SKF INC announced that it has signed an agreement to acquire German -based ship components provider Blohm + Voss Industries (BVI) from Star Capital Partners. SKF will pay EUR 80 million for 100% of the equity of BVI and assumes net loans/cash of EUR 18 million. The transaction is subject to relevant regulatory approvals. Blohm + Voss Industries is a manufacturer of, and service provider for, equipment for critical marine applications, including shaft components (seals and bearings), stabilizers, and oily water separators. The company has approximately 400 employees and originates from the Blohm + Voss shipyard, which was founded in 1877. Sales for fiscal year 2011/2012 were approximately EUR 100 million with an operating margin in line with the SKF Group. Full Article
UPDATE 2-SKF shares rally after CEO more positive on second half
* Shares reverse initial drop, up 1 pct (Adds CEO comments, analysts, market reaction)
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