AB SKF Stock Price, News & Analysis

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.

SKF has acquired Rubico Consulting AB, enhancing its analytics capabilities. Based in Luleå, Sweden, Rubico specializes in visualizing and analyzing signal data, which will integrate into SKF's rotating shaft offerings and advance technologies like fiber-optic sensors. The patented edge algorithm from Rubico automates machine data analysis, supporting energy-efficient systems. This acquisition aligns with SKF's commitment to develop its IoT hub in Luleå, a region emerging as a center for industrial innovation.

SKF has secured a long-term agreement with Stadler Rail, valued at several million Euros, to equip and service the Berlin underground (U-Bahn). Over 32 years, SKF will supply spare parts and service more than 606 rail carriages, with a potential expansion to 1,500. The contract, part of a €3 billion vehicle purchasing program by Berliner Verkehrsbetriebe (BVG), includes over 12,000 wheelset bearings, featuring a plasma coating to prevent electrical damage. This collaboration aims to enhance train reliability and uptime, demonstrating SKF's extensive technical expertise and commitment to customer needs.

On August 2, 2021, AB SKF announced a conversion of shares from Series A to Series B, impacting its capital structure. As of July 30, the company holds a share capital of SEK 1,138,377,670, with a total of 30,658,879 Series A shares and 424,692,189 Series B shares. The total voting power now stands at 73,128,097.9. Notably, AB SKF does not possess any own shares. This information fulfills the company's obligations under the Financial Instruments Trading Act.

On May 31, 2021, AB SKF confirmed a conversion of shares from Series A to Series B, resulting in a total share capital of SEK 1,138,377,670. The company now has 30,819,375 shares of Series A and 424,531,693 shares of Series B, affecting the total number of votes to 73,272,544.3. AB SKF does not hold any own shares. This announcement is made pursuant to the Financial Instruments Trading Act, and was publicly disclosed at 8:00 CET on the same date.

The Board of AB SKF has announced the appointment of Rickard Gustafson as the new President and CEO, effective 1 June 2021. This decision follows the earlier announcement made on 11 January 2021. Gustafson's leadership aims to guide SKF through its next phase, succeeding Alrik Danielson, who is set to step down during the same year. This transition marks a significant change in the company’s leadership structure, aiming to enhance strategic direction.

SKF reported strong sales growth in Q1 2021, with net sales at SEK 19,865 million, an 8.6% organic increase year-over-year. The adjusted operating result improved to SEK 2,789 million, yielding a margin of 14%. However, cost inflation and currency fluctuations negatively impacted operations by SEK 1.3 billion. The company plans to enhance cash flow, which was SEK -702 million this quarter. SKF is focusing on sustainability, reporting a sales increase in renewable sectors from SEK 4 billion to SEK 7 billion over two years.

SKF will announce its first quarter results for 2021 on April 22, 2021, at approximately 08:45 CET. Investors, analysts, and media are invited to participate in a Webcast at 10:00 CET, where questions can be submitted via chat. The webcast can be accessed through a provided link. For more details and results, visit SKF's investor relations website. Media inquiries can be directed to Theo Kjellberg.

SKF plays a crucial role in NASA's Mars Perseverance Rover mission by providing Kaydon RealiSlim thin-section ball bearings. These bearings are essential for the rover's main robotic arm, sample collection turret, and other operations during its mission in Jezero Crater. Designed to withstand harsh Martian conditions, they are customized for optimal weight, size, and reliability. SKF's involvement in space missions dates back over 40 years, showcasing its long-standing commitment to advancing aerospace technology.