SKF increases localization rate in the Americas and Asia; closes factory in Busan, Korea

By transferring the supply of products to SKF's factories in Puebla, Mexico, Pune, India, and Shanghai ATC, China, these businesses will be closer to its existing customers. In addition, it will enable these businesses to expand by attracting new local business opportunities. This also supports the Group's Automotive strategy and the ongoing portfolio re-positioning towards the electric vehicle drivetrain and commercial vehicle segments. By transferring the supply of products to SKF's factories...

By transferring the supply of products to SKF's factories in Puebla, Mexico, Pune, India, and Shanghai ATC, China, these businesses will be closer to its existing customers. In addition, it will enable these businesses to expand by attracting new local business opportunities. This also supports the Group's Automotive strategy and the ongoing portfolio re-positioning towards the electric vehicle drivetrain and commercial vehicle segments.

Henry Wang, President Industrial Region China and Northeast Asia, says: "The decision to close our factory in Busan is very difficult to take but it is absolutely vital for us to be close to our customers in order to serve them even better. Transferring the supply of these products also enables us to attract new business opportunities in our different regions."

"Our focus now is to provide support to our employees in Busan during these challenging times. On behalf of the full management team of SKF, I would also like to express our appreciation for the commitment and dedication they have shown over the years."

Aktiebolaget SKF
      (publ)

For further information, please contact:
PRESS: Carl Bjernstam, Head of Media Relations
tel: 46 31-337 2517; mobile: 46 722-201 893; e-mail: carl.bjernstam@skf.com

INVESTOR RELATIONS: Patrik Stenberg, Head of Investor Relations
tel: 46 31-337 2104; mobile: 46 705-472 104; patrik.stenberg@skf.com

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