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AB SKF (SKFRY.PK)

SKFRY.PK on OTC Markets Group

20.18USD
27 Mar 2017
Change (% chg)

$-0.22 (-1.10%)
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Volume
3,260
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9,462
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$20.63
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Latest Key Developments (Source: Significant Developments)

SKF says BMW initiates lawsuit
Friday, 4 Nov 2016 06:55am EDT 

Ab Skf : SKF informed of initiation of lawsuit pertaining to settlement with the European Commission . SKF says has been informed of initiation of a lawsuit, with a claim for damages, by BMW and several group companies against bearing manufacturers, including SKF . SKF says amount of damages, if any, should SKF be found liable, is at this stage not possible to determine . Simliar lawsuit filed by Peugeot in March [nFWN16H04E] Further company coverage: [SKFb.ST] (Reporting By Johan Ahlander) ((johan.ahlander@thomsonreuters.com;)).  Full Article

SKF Q2 core profit lags forecast, sees signs of stabler market
Thursday, 21 Jul 2016 02:08am EDT 

SKF : Q2 organic sales -4.4 pct year/year versus mean forecast -3.1 percent in Reuters poll . Q2 operating profit ex items SEK 2,020 million versus mean forecast 2,163 million in Reuters poll . Says "as we look ahead, we see signs of the market stabilizing" . Entering the third quarter of 2016, demand for SKF's products and services is expected to be relatively unchanged compared to the same period last year . Q3 demand outlook versus Q2: demand for SKF's products and services is expected to be lower for group .Says demand is expected to be relatively unchanged in Latin America, slightly lower in Asia and North America and lower in Europe..  Full Article

SKF says completes divestments
Friday, 1 Jul 2016 01:30am EDT 

SKF AB : SKF completes previously announced divestments . Says total consideration of the fly-by-wire divestment is EUR 39 million . Says total consideration of the Kaydon velocity control divestment is USD 339 million .Says net income effect is estimated at around SEK -350 million, which refer primarily to tax costs, and will be booked in Q2.  Full Article

SKF says completes divestments
Thursday, 30 Jun 2016 02:10pm EDT 

SKF AB : SKF completes previously announced divestments . Says total consideration of the fly-by-wire divestment is EUR 39 million . Says total consideration of the Kaydon velocity control divestment is USD 339 million .Says net income effect is estimated at around SEK -350 million, which refer primarily to tax costs, and will be booked in Q2.  Full Article

SKF says to consolidate North America manufacturing plants
Thursday, 9 Jun 2016 10:00am EDT 

SKF : SKF consolidates manufacturing facilities in North America . Says restructuring costs are expected to amount to around SEK 300 million . Says around SEK 100 million will be accounted for during Q2 2016 and remainder as they occur . Says consolidation is expected to generate full year cost savings of around SEK 220 million from 2019, whereof around SEK 70 million is expected to be achieved in 2018 . Says production will be transferred from group's site in Hanover, Pennsylvania, to Flowery Branch, Georgia, consolidating production of spherical roller bearings and large size roller bearings . Says production of rings and seals for aerospace industry will be relocated to Hanover from SKF's existing factory in Baltimore . Says investments totalling SEK 150 million will be made in upgrading machinery and manufacturing processes in Hanover and Flowery Branch . Says manufacturing and development of condition monitoring solutions will be moved from SKF's existing site in San Diego, California, to other sites in Europe . Says Y-Bearing and Units production channels in Puebla, Mexico, which serve North American customers within the agriculture segment, will be closed, with production transferred to other sites.  Full Article

AB SKF says receives SEK 100 mln contract in Russia
Monday, 2 May 2016 02:30am EDT 

AB SKF:Says secures 100 million Swedish crown contract extension with Russian rail freight company.  Full Article

AB SKF says to sell Kaydon velocity control business
Tuesday, 26 Apr 2016 02:30am EDT 

AB SKF:SKF divests Kaydon velocity control business.Says has signed an agreement to divest the business to Stabilus, a global supplier to the automotive and industrial markets.Says total consideration of transaction is $339 million on a cash- and debt-free basis.Says deal expected to close during summer of 2016.  Full Article

AB SKF to open new sealing solutions factory in Mexico
Wednesday, 30 Mar 2016 03:00am EDT 

AB SKF:Says to open new sealing solutions factory in Mexico.Says the new facility is located near the Group's existing sealing solutions factory in Guadalajara, allowing for continued expansion of production, predominantly for automotive original equipment manufacturers in North America.  Full Article

AB SKF extends global agreement with Valmet
Friday, 18 Mar 2016 03:30am EDT 

AB SKF:Says SKF has signed an agreement that extends its long-term collaboration with Valmet.Says will supply bearings, units and lubrication systems to Valmet​.  Full Article

AB SKF says divests fly-by-wire business
Thursday, 17 Mar 2016 03:30am EDT 

AB SKF:Says divests fly-by-wire business to LORD Corporation, USA.Says total consideration of divestment is EUR 39 mln, on a cash and debt-free basis.Says the transaction is expected to close during the coming three to four months.Says divestment is a continuation of SKF's efforts to focus on its core business - bearings and solutions around the rotating shaft - whilst at the same time strengthening its balance sheet.  Full Article

More From Around the Web

Sweden's SKF sees flat demand ahead after in-line fourth-quarter profit

STOCKHOLM Sweden's SKF, the world's largest maker of industrial bearings, said it expected demand to remain at the current level in the near term after posting a fourth quarter core profit in line with market forecasts, sending shares lower.