AB SKF Stock Price, News & Analysis

SKF has signed a license agreement with Christof Global Impact, granting exclusive rights to commercialize its multi-feedstock slop-oil recovery technology. Originally part of SKF's acquisition of RecondOil in 2019, this technology is not central to SKF's business focus. Instead, SKF will concentrate on developing the RecondOil Double Separation Technology for industrial lubricants. Thomas Fröst, SKF Industrial Technologies President, expressed confidence in the partnership's potential to maximize technology value, while Christof's CEO highlighted their competence in industrialization.

On October 29, 2021, AB SKF announced a conversion of shares from Series A to Series B, resulting in a total share capital of SEK 1,138,377,670. The company's total shares now comprise 30,503,933 Series A shares and 424,847,135 Series B shares, while the total voting rights amount to 72,988,646.5. AB SKF does not hold any treasury shares. This disclosure is mandated under the Financial Instruments Trading Act.

SKF reported solid demand in Q3 2021, achieving net sales of SEK 20,146 million, up from SEK 18,596 million year-over-year, driven primarily by a 13% organic growth in its Industrial segment. However, the Automotive sector faced challenges with a -5% decline in sales due to reduced production from key customers. The group's adjusted operating profit was SEK 2,672 million, maintaining a 13.3% margin. SKF anticipates continued supply chain issues and plans to close six manufacturing sites by year-end. The company targets a net zero greenhouse gas supply chain by 2050.

SKF commits to achieving a net zero greenhouse gas emissions supply chain by 2050, building on progress to reach net zero emissions in its own operations by 2030. The company aims for a 45% reduction of CO2 emissions in its supply chain by 2035 and 60% by 2040. Additionally, SKF plans to source 40% of steel from carbon-neutral plants and cut transport-related emissions by 80% by 2040. The Gothenburg facility will achieve net zero status by utilizing green energy and improved processes.

SKF announced it will release its nine-month results for 2021 on October 26, 2021, at 08:00 (CET). Investors, analysts, and media are invited to participate in a webcast starting at 09:00 (CET). To join, stakeholders must log in at least 10 minutes prior to the event. Detailed results will also be available on the Group's website. Post-webcast interviews can be scheduled with company representatives.

SKF is collaborating with Luleå University of Technology's CH2ESS initiative to advance the development of fossil-free bearing steel. This partnership includes funding research focused on hydrogen use in industrial processes, enhancing the production of eco-friendly bearing steel. The initiative aims to support the hydrogen economy, leveraging SKF's expertise in material science and production technology. The collaboration is expected to significantly impact both Swedish industry and global technology advancements in sustainable energy systems.

As of September 30, 2021, AB SKF reports a share capital of SEK 1,138,377,670 following the conversion of shares from Series A to Series B. The company now has a total of 30,582,656 Series A shares and 424,768,412 Series B shares, resulting in 73,059,497.2 total voting rights. AB SKF does not hold any of its own shares. This announcement is compliant with the Financial Instruments Trading Act and was published at 8:00 CET on September 30, 2021.

AB SKF announces the formation of the Nomination Committee for its Annual General Meeting (AGM) scheduled for March 24, 2022. The committee comprises representatives from the company’s four largest shareholders, including Marcus Wallenberg from FAM and Anders Algotsson from AFA Försäkring. Shareholders can submit proposals for Board members and related matters until one month prior to the AGM. This committee will play a crucial role in shaping the Board structure ahead of the meeting.

SKF has successfully acquired EFOLEX AB, a Gothenburg-based manufacturer of Europafilter industrial lubrication and oil filtration systems. EFOLEX specializes in offline filtration systems used in process manufacturing and energy sectors and has around 10 employees. According to Thomas Fröst, President of Industrial Technologies, this acquisition enhances SKF's lubrication management capabilities and aligns well with SKF RecondOil's Double Separation Technology.