SKF inaugurates factory in Monterrey, Mexico

Rhea-AI Summary

SKF inaugurates factory in Monterrey, Mexico, with a SEK 700 million investment. The facility will develop and manufacture deep-groove ball bearings and tapered roller bearings for North American car manufacturers and industrial customers. The factory is expected to generate 1,200 jobs.

GOTHENBURG, Sweden, Oct. 4, 2023 /PRNewswire/ -- SKF has inaugurated its new facility in Monterrey, Mexico, a greenfield factory investment totaling SEK 700 million. This will support SKF's strategic development in the Americas and meet customer needs as focus on electrification increases. The investments are also an important step in SKF's ongoing Automotive portfolio re-positioning towards the electric vehicle drivetrain and commercial vehicle segments.

In SKF's fourth factory in Mexico, deep-groove ball bearings (DGBB) for North American car manufacturers will be developed and manufactured, as well as tapered roller bearings (TRB) for industrial customers, for example in the Agri market, and commercial vehicle applications.

Rickard Gustafson, President and CEO, says: "Building on over 100 years of presence in Mexico, it is fantastic to see our new factory now being inaugurated. Investing in engineering and manufacturing capabilities in the strategically located Monterrey will make us stronger and more flexible and increase our competitiveness in the Americas."

Kerstin Enochsson, President, Automotive, says: "These investments further strengthen our offers within the fast-growing and strategically important electric driveline, both for passenger and commercial vehicles, as well as our delivery and regional capabilities in North America. This will reinforce our position as a global, leading supplier to the electric and commercial vehicle markets."

John Schmidt, President, Americas, says: "Regionalization is an important part of our strategy, and this factory will create a strong regional base for development and manufacturing, and further strengthen our value chain in North America. By being closer to both existing and new customers, we will be able to serve them even better."

The Monterrey factory is expected to generate some 1,200 jobs once fully operational.

Aktiebolaget SKF
      (publ)

CONTACT:

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 

The following files are available for download:

https://mb.cision.com/Main/637/3847652/2338610.pdf	20231004 SKF inaugurates factory in Monterrey, Mexico
https://news.cision.com/skf/i/skf-monterrey,c3222406	SKF Monterrey
https://news.cision.com/skf/i/rickard-dsc9658,c3222415	Rickard DSC9658
https://news.cision.com/skf/i/kerstin-enochsson,c3222416	Kerstin Enochsson
https://news.cision.com/skf/i/skf-john-schmidt,c3222417	SKF John Schmidt

View original content:https://www.prnewswire.com/news-releases/skf-inaugurates-factory-in-monterrey-mexico-301947297.html

SOURCE SKF