AB SKF - SKFRY STOCK NEWS

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.

Aktiebolaget SKF held its Annual General Meeting on March 26, 2024, where a dividend of SEK 7.50 per share was approved. The Board members were re-elected, and various committees' remuneration was set. The Performance Share Programme 2024 was also approved, aiming to reward senior managers and key employees based on performance targets.

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.

Aktiebolaget SKF announces Annual General Meeting in Sweden

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.

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.

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.

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.

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.