AB SKF Stock Price, News & Analysis

The Annual General Meeting of Aktiebolaget SKF was held on March 25, 2021, focusing on key corporate governance matters amid Covid-19 restrictions. The income statements and balance sheets were approved, along with a dividend of SEK 6.50 per share, record date March 29, 2021. The Board's fee was set at SEK 2,300,000 for the Chairman, SEK 750,000 for other members, and various amounts for committee roles. Board members were re-elected with Rickard Gustafson joining as a new member. Deloitte was appointed as auditor, and amendments to the Articles of Association were approved.

SKF is investing SEK 400 million to expand and modernize its manufacturing facility in Airasca, Italy. This investment focuses on producing super-precision bearings (SuPBs) and will include the installation of fully automated manufacturing channels, with the first expected to be operational by 2022. The plan involves consolidating operations from two other factories in Northern Italy, optimizing manufacturing processes and improving product performance.

On February 26, 2021, AB SKF announced a conversion of shares from Series A to Series B, confirming its share capital amounts to SEK 1,138,377,670. The total number of shares is 31,319,602 Series A shares and 424,031,466 Series B shares, resulting in a total of 73,722,748.6 votes in the company. AB SKF holds no own shares. This disclosure complies with the Financial Instruments Trading Act and was published at 09:00 CET on February 26, 2021.

SKF has announced its Annual General Meeting (AGM) set for March 25, 2021, which will be conducted entirely via postal voting due to COVID-19 restrictions. Shareholders must be recorded in the register by March 17 and submit their postal votes by March 24. Key agenda items include the election of Board members, approval of profit distribution, and the SKF Performance Share Programme 2021, which proposes the allotment of up to 1,000,000 shares based on achieving defined Total Value Added targets. A proposed dividend of SEK 6.50 per share is also on the agenda.

SKF will announce its nine-month results for 2020 on 27 October 2020 at approximately 13:00 (CET). A Webcast will follow at 14:00 (CET), allowing investors and analysts to engage directly via a chat function. The Webcast will be accessible through Microsoft Teams, with full information available on the Group's website. Additionally, SKF Capital Markets Day 2020 is set for 4 November, featuring key executives including Alrik Danielson and Niclas Rosenlew. Further details and registration info will be shared shortly.

On September 25, 2020, AB SKF announced the representatives of its Nomination Committee for the Annual General Meeting 2021, in accordance with a resolution from March 26, 2020. The committee includes Marcus Wallenberg (FAM), Anders Jonsson (Skandia), Anders Algotsson (AFA Försäkring), and Evert Carlsson (Swedbank Robur Fonder). The Annual General Meeting is scheduled for March 25, 2021. Shareholders can submit proposals related to the board and audit fees until one month prior to the meeting.

SKF has committed to achieving carbon neutrality for its global manufacturing operations by 2030, announcing its membership in the Renewable Energy 100 (RE100) initiative. This global initiative comprises influential businesses aiming for 100% renewable electricity. President Kent Viitanen emphasized this goal as crucial for competitiveness and sustainability, while director Johan Lannering noted SKF’s role in enhancing energy efficiency globally. The transition to renewable energy is expected to be beneficial for both SKF and its customers.

SKF is set to invest SEK 550 million to enhance its manufacturing capabilities in North America. The investment includes SEK 350 million for expanding and automating its Sumter, South Carolina facility, and SEK 200 million for localizing Tapered Roller Bearings production from China to Mexico. This strategy aims to bolster regional manufacturing and improve product offerings. The consolidation of factories from Avon and North Charleston into Sumter will lead to a staff reduction of approximately 120 employees with a restructuring cost of SEK 35 million.

SKF has announced a partnership with Mexican steel manufacturer Deacero aimed at enhancing performance and minimizing downtime at Deacero's steel rolling mill in Celaya. This fee-based collaboration will cover bearings, maintenance services, and application engineering. By analyzing the performance of Deacero's rolling mills, both companies aim to extend bearing service life, boost machine uptime, and lower maintenance costs, thereby improving production output and sustainability.