SKF AB S/ADR - SKFRY STOCK NEWS

SKF has confirmed the transition dates for its new Chief Financial Officer. Susanne Larsson will assume the role of CFO and Senior Vice President, Group Finance on February 17, 2025, succeeding Niclas Rosenlew, who will depart on December 31, 2024. During the interim period, Carina van den Berg, currently Director SKF Global Finance Sustainability & Operations, will serve as Acting CFO.

SKF reported Q3 2024 results with net sales of SEK 23,692 million, showing an organic decline of -4.4% due to weak market demand. Despite volume challenges, the company achieved an improved adjusted operating margin of 11.9% (vs 11.5% in Q3 2023) through strong price/mix management and cost control. Net cash flow from operations strengthened to SEK 3,576 million. The company announced plans to separate its Automotive business, targeting completion in H1 2026, and signed a contract to divest its ring and seal operation in Hanover for SEK 2.3 billion. For Q4 and full-year 2024, SKF expects a mid-single-digit organic sales decline.

SKF has signed an agreement to divest its ring and seal operation in Hanover, Pennsylvania to Carco PRP Group's subsidiary PCTI for USD 220 million (approximately SEK 2.3 billion). The facility, which manufactures mechanical seals and rings with annual sales of SEK 700 million, is being sold as part of SKF's strategic review to focus on core aerospace business. SKF will continue to concentrate on aeroengine and aerostructure bearing offers, representing annual sales of SEK 6 billion. The company is also planning to exit its precision elastomeric device operation in Elgin, Illinois. The Hanover divestment is expected to close in Q1 2025, subject to regulatory approval.

AB SKF (SKFRY) has announced a change in its total number of votes due to a conversion of shares from Series A to Series B, in accordance with the company's Articles of Association. As of September 30, 2024, AB SKF's share structure is as follows:

• Total shares: 455,351,068
• Series A shares: 29,235,933
• Series B shares: 426,115,135
• Total number of votes: 71,847,446.5

The company confirmed that it does not hold any of its own shares. This information was released to comply with the Financial Instruments Trading Act and was submitted for publication on September 30, 2024, at 08:00 CEST.

SKF (SKFRY) has announced a strategic acquisition of John Sample Group's (JSG) Lubrication and Flow Management businesses, strengthening its position in the lubrication management sector. This move expands SKF's presence in the India and South-East Asia (ISEA) region, targeting a critical aspect of machine reliability. JSG, with annual sales of approximately SEK 550 million, will boost SKF's Lubrication Management business to around SEK 7 billion in net sales.

The acquisition provides SKF access to JSG's wide customer base, sales and distribution network, and engineering capabilities. It aligns with SKF's strategy to offer tailored lubrication solutions and improve bearing performance. The deal is expected to be completed in Q4 2024, enhancing SKF's ability to address premature bearing failures caused by poor lubrication and contamination.

SKF (SKFRY) has announced that Niclas Rosenlew, Senior Vice President and CFO, will be leaving the company in January 2025 to pursue opportunities outside SKF. Rickard Gustafson, President and CEO, expressed gratitude for Rosenlew's contributions and wished him well. A recruitment process to find a successor has been initiated.

This leadership change in SKF's Group Management could potentially impact the company's financial strategy and operations. Investors and stakeholders will likely be watching closely for updates on the CFO succession plan and any potential shifts in financial direction that may result from this change.

SKF has announced it will publish its half-year results for 2024 on July 18 at approximately 07:00 CEST. The results will be accessible on the company's investor relations website. A webcast in English will follow at 08:00 CEST, for which participants are advised to log in 10 minutes early. The webcast link and international dial-in numbers have been provided. Media can book interviews with SKF's President and CEO, Rickard Gustafson, or CFO, Niclas Rosenlew. For more information, contact Carl Bjernstam or Sophie Arnius.

SKF will showcase advanced, sustainable solutions at its first-ever virtual Tech & Innovation Summit on June 19, 2024. The event will highlight new technologies designed to enhance reliability, energy efficiency, and performance for various industrial sectors. Key innovations include the SKF Extreme Super Precision Bearing platform, condition monitoring and lubrication systems, and SKF's Sealed split SRB for heavy industries. These solutions aim to reduce maintenance costs and downtime while promoting sustainability. SKF's leadership emphasizes their commitment to customer collaboration and technological progress.

On May 31, 2024, SKF announced a conversion of shares from Series A to Series B, impacting the company's share capital and voting rights. As of this date, SKF's share capital stands at SEK 1,138,377,670, with 29,271,933 Series A shares and 426,079,135 Series B shares. The total number of votes now amounts to 71,879,846.5. SKF clarified that it does not hold any of its own shares. This announcement was made public in compliance with the Financial Instruments Trading Act.