AB SKF Stock Price, News & Analysis

SKF has completed its acquisition of Tenute Srl, a company specializing in sealing solutions for industrial applications and employing approximately 50 staff. This acquisition aims to enhance SKF's Seals business, particularly benefiting customers in heavy and process industries. Peter Thorpman, Director of SKF Seals, emphasized the strategic importance of this integration for strengthening their market position.

SKF has strengthened its strategic partnership with NIO, becoming a preferred supplier of ceramic ball bearings to support NIO's product development and global expansion. The collaboration highlights SKF's technical expertise and its role in the electric vehicle (EV) market. NIO aims to enhance its global presence, having delivered over 90,000 vehicles in 2021 and expanding into European markets in 2022. SKF's ceramic bearings are crucial for EV drivetrains, reflecting the companies' commitment to innovation and user experience in the competitive EV industry.

SKF will announce its nine-month results for 2022 on October 25, 2022, at approximately 08:00 CET. Investors, analysts, and media can attend a live webcast starting at 09:00 CET. To participate, they should join at least 10 minutes prior using the provided link. All relevant information will be accessible on the company's Investor Relations website. For media inquiries, bookings for interviews with the President and CEO, or CFO can be arranged post-webcast.

SKF's magnetic bearings, capable of rotating at up to 50,000 rpm, are advancing sustainability in industrial applications, particularly in compressors. Selected by Tamturbo, a Finnish cleantech firm, these bearings facilitate high-speed turbo motors in air compressors, replacing traditional oil-based screw compressors. The new technology promises lower CO₂ emissions, extended service intervals, and reduced ownership costs. SKF emphasizes its commitment to helping industries transition towards sustainable operations, enhancing efficiency and reliability for Tamturbo's customers.

SKF is set to hold its Capital Markets Day on December 8, 2022, from 11:00 to 16:00 at the Science Museum in London. The event aims to update investors, analysts, and financial media on SKF's strategic progress and financial performance. Registration is available at their investor relations site. A complete agenda and list of presenters will be shared with participants in the autumn. Those interested in attending and interviewing speakers should contact Carl Bjernstam for arrangements.

SKF has launched its second Green Bond, raising EUR 400 million to finance green projects under its Green Finance Framework. This Bond supports SKF's sustainability goals, including achieving net-zero greenhouse gas emissions in its operations by 2030. Demand was high, with the bond being oversubscribed more than six times. The funds will be allocated to identify significant projects focused on cleantech and increased energy efficiency. This initiative reflects SKF's long-standing commitment to sustainability since it first issued a Green Bond in 2019.

SKF and Ovako have achieved a significant milestone in sustainable manufacturing by producing a Spherical Roller Bearing (SRB) with 90% less emissions than standard models. The bearing, made using recycled steel from Ovako's mill, was produced in SKF's net-zero factory in Gothenburg. This achievement aligns with SKF's goal to achieve net-zero emissions across operations by 2030. Despite the progress, SKF continues to work on reducing emissions from both scrap-based and iron ore-based steel production.

SKF has appointed Annika Ölme as Chief Technology Officer and Senior Vice President of Technology Development, effective October 15, 2022. Annika, formerly of SAAB Radar Solutions, has extensive experience, including roles at General Electric's Arcam and previous positions at SKF from 2002 to 2017. CEO Rickard Gustafson expressed enthusiasm about her return, highlighting her role in enhancing technology development for both current and future applications involving rotating shafts.

SKF and Quaker Houghton (NYSE: KWR) have formed a collaboration to promote the circular use of industrial oil. This initiative aims to reduce CO₂ emissions and optimize resource utilization through SKF RecondOil's Double Separation Technology (DST). The partnership will introduce tailored solutions under fee- or performance-based contracts and initially launch in Europe, with plans for global expansion. Leaders from both companies emphasize the significance of improving factory ecosystems and enhancing customer experiences through sustainable practices.