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SKF AB is a leading global supplier of quality bearings, seals, lubrication systems, mechatronics, and services, encompassing everything from commuter vehicles to wind turbines. Their latest achievement in sustainable energy includes two Renewable Energy Certificate purchase agreements in North America. By investing in wind and solar energy, SKF is committed to reducing carbon emissions and supporting renewable energy projects. With ambitious sustainability targets aiming for decarbonization by 2030 and net zero status by 2050, SKF continues to lead the industry towards a cleaner, greener future.
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SKF appoints Mukund Vasudevan as President, Industrial Region India and Southeast Asia (ISEA) to drive profitable growth. Mukund brings extensive multinational executive experience and entrepreneurial perspectives to SKF's strategic transformation.
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Aktiebolaget SKF announces Annual General Meeting in Sweden
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SKF announces changes in group management to accelerate strategic transformation and profitable growth. Manish Bhatnagar is appointed as the new President, Industrial Region Americas, while Fredrik Hallen will take interim charge as President for the ISEA region. John Schmidt, the current President, Industrial Region Americas, will leave SKF. The company aims to find new opportunities and increase competitiveness.
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SKF has achieved a significant sustainability milestone by entering two Renewable Energy Certificate (REC) purchase agreements in North America, enabling its U.S. and Canada facilities to achieve 100% renewable electricity. The partnership includes investing in Green-e certified wind energy and a 12-year agreement with Clearway Energy Group for a portion of the RECs generated from a 452 MW solar farm. This is SKF's first long-term REC procurement at scale in the U.S., reinforcing its commitment to reducing carbon emissions and supporting renewable energy projects. The agreements are part of SKF's broader sustainability agenda, aiming to decarbonize operations by 2030 and become net zero throughout the value chain by 2050.
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SKF's Nomination Committee proposes the re-election of the board members and the Chair of the Board of Directors. Additional proposals will be published in conjunction with the notice of the Annual General Meeting 2024. The Nomination Committee consists of prominent individuals from various organizations. For further information, contact the Head of Media Relations or Investor Relations. The proposal document is available for download.
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SKF, a Swedish company, will release its full-year results for 2023 on January 31, 2024. The results will be available on the Group's IR website. A webcast will be held in English at 08:00 (CET), with the link and phone numbers provided. Interviews with the President, CEO, and CFO can be arranged after the webcast.
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SKF (Aktiebolaget SKF) announces a transfer of supply from the Busan factory, Korea, to China, India, and Mexico, with a full closure of the Busan site expected in Q1 2024. The move aims to regionalize operations and enhance customer proximity, particularly in the Automotive industry. The factory currently employs 90 workers and mainly manufactures bearing products. The decision supports SKF's Automotive strategy and portfolio re-positioning towards electric vehicle drivetrain and commercial vehicle segments.
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AB SKF (SKF) confirms that as of November 30, 2023, the Company's share capital amounts to SEK 1,138,377,670, with a total of 29,316,933 shares of Series A and 426,034,135 shares of Series B. The number of votes in the Company amounts to 71,920,346.5. AB SKF does not hold any own shares.
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SKF: Acquires 2C Composites, a German high-performance fibre composite supplier, to strengthen magnetic bearings offer. The acquisition secures a leading technology of composite layers, enhancing the Group's magnetic bearings business. In 2022, SKF secured a record order intake for magnetic bearings products of over SEK 1 billion.
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SKF reports resilient margins and strong cash flow despite a slowdown in demand. Net sales increased to SEK 25.8 billion with organic growth being relatively flat. Adjusted operating profit was SEK 2.9 billion with a margin of 11.5%. The Aerospace business will focus on core segments and explore options to exit non-core business lines. Outlook for Q4 2023 expects a low single-digit organic sales decline.
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FAQ
What is the current stock price of SKF AB S/ADR (SKFRY)?
The current stock price of SKF AB S/ADR (SKFRY) is $18.9 as of November 22, 2024.
What is the market cap of SKF AB S/ADR (SKFRY)?
The market cap of SKF AB S/ADR (SKFRY) is approximately 8.5B.
What is SKF AB known for?
SKF AB is a global supplier of bearings, seals, lubrication systems, and mechatronics, serving various industries from automotive to renewable energy.
What recent achievement has SKF AB made in sustainability?
SKF AB has entered two Renewable Energy Certificate purchase agreements in North America, investing in wind and solar energy to achieve 100% renewable electricity for their U.S. and Canada facilities.
What are SKF AB's sustainability targets?
SKF AB aims to decarbonize their operations by 2030 and achieve net zero status throughout the value chain by 2050.
How does SKF AB support renewable energy?
SKF AB supports renewable energy projects by investing in Green-e certified wind energy and long-term solar farm projects, aligning with their commitment to reducing carbon emissions.
Who is the President of Industrial Region Americas at SKF AB?
John Schmidt was the President of Industrial Region Americas at SKF AB, contributing significantly to the company until his recent departure from SKF.
What innovative solutions will SKF AB showcase at the SKF Tech & Innovation Summit?
SKF AB will showcase innovative solutions such as the SKF Extreme Super Precision Bearing platform, condition monitoring systems, lubrication systems, sealing solutions, and more at the upcoming SKF Tech & Innovation Summit.
When is the SKF Tech & Innovation Summit scheduled to take place?
The SKF Tech & Innovation Summit will be held online on June 19, 2024, from 13:00 to 14:00 (CEST), where SKF AB will present their latest technological innovations and solutions.
SKF AB S/ADR