Latest news with #RickardGustafson
Bloomberg
25-04-2025
- Business
- Bloomberg
SKF Works to Reroute Trade Flows and Plans ‘Sizable' Staff Cuts
Swedish industrial company SKF AB said it raised prices and is working to reroute some Chinese imports in response to tariffs, while also planning global job cuts. About 10% of what SKF sells in the US comes from China and those flows can be partly mitigated with price hikes or rerouting, Chief Executive Officer Rickard Gustafson said on a call with analysts.
Yahoo
14-04-2025
- Business
- Yahoo
SKF completes previously announced divestment of its ring and seal operation in Hanover, USA
GOTHENBURG, Sweden, April 14, 2025 /PRNewswire/ -- SKF has completed the previously announced divestment of its ring and seal operation in Hanover, Pennsylvania, USA, to Carco PRP Group for a total enterprise value of USD 215 million, corresponding to approximately SEK 2.1 billion. The divestment will result in a capital gain amounting to approximately SEK 0.8 billion in Q2 and will be reported as Items affecting comparability. "We are committed to create a more focused and resilient SKF to serve our customers even better and to accelerate profitable growth. Divesting this successful but non-core business at accretive multiples is an important part of this. At the same time, we continue to invest and strengthen our position in core Aerospace segments," says Rickard Gustafson, President and CEO. Aerospace will remain a large, strategic segment also after the divestment with a share of industrial sales corresponding to approximately 9 percent. Investments in strengthening core aeroengine and structure bearing offerings remain a priority for SKF. The Hanover divestment is in line with SKF's strategic review of its aerospace business, communicated on 27 October 2023, to focus on core aerospace business and to exit areas that are non-strategic. As previously announced, the Group is exploring options to exit the precision elastomeric device (PED) aerospace operation in Elgin, Illinois, USA, also identified as non-strategic but smaller than Hanover. Previous press release on similar topics:29 October 2024: SKF divests non-core aerospace operation for USD 220 million [link to press release] Aktiebolaget SKF (publ) For further information, please contact:Press Relations: Carl Bjernstam, +46 31-337 2517; +46 722 201 893; Investor Relations: Sophie Arnius, +46 31-337 8072; +46 705 908072; This information was brought to you by Cision The following files are available for download: 20250414 SKF completes previously announced divestment of its ring and seal operation in Hanover, USA närbild lager Rickard Gustafson jpg highpreview 800 View original content: SOURCE SKF
Yahoo
10-04-2025
- Business
- Yahoo
SKF to publish Q1 report on 25 April
GOTHENBURG, Sweden, April 10, 2025 /PRNewswire/ -- SKF will publish its Q1 results for 2025 on 25 April at approximately 07:30 (CEST). Investors, analysts and media are invited to join a webcast, which will be held in English, at 09:00 (CEST). To join the webcast, please login at least 10 minutes before the start using the below link or phone numbers: Link to web event: Sweden: +46 8 5051 0031UK / International: +44 207 107 0613 All information regarding the results will be made available on the Group's IR website: Media: To book interviews with Rickard Gustafson, President and CEO, after the webcast, please contact Carl Bjernstam on Aktiebolaget SKF (publ) For further information, please contact: Press Relations: Carl Bjernstam, +46 31-337 2517; +46 722 201 893; Investor Relations: Sophie Arnius, +46 31-337 8072; +46 705 908072; This information was brought to you by Cision The following files are available for download: 20250410 SKF to publish Q1 report on 25 April ACBB with FOS rend View original content: SOURCE SKF Sign in to access your portfolio
Yahoo
07-03-2025
- Automotive
- Yahoo
SKF Annual Report 2024 published online; significant decarbonization milestone reached
GOTHENBURG, Sweden, March 7, 2025 /PRNewswire/ -- AB SKF has today published its Annual and Sustainability Report 2024 on the Group's website. The Report focuses on SKF's value creation activities for customers, shareholders, and other stakeholders by outlining the Group's strategic transformation, operational progress and financial performance. Major updates include a revised Remuneration Report for increased transparency and an extended Sustainability Report. "Also in 2024, we diligently executed on our strategy to further strengthen us as a company. The initiated process to establish Automotive as an independent business is one key example of these value-adding activities. I firmly believe that we today are in a better position to capitalize on profitable growth opportunities as demand recovers," says Rickard Gustafson, President and CEO. The Annual and Sustainability Report also highlights the progress towards SKF's 2030 decarbonization target of a 95% reduction in scope 1 and 2 emissions from a 2019 baseline. In 2024, a 59% reduction was achieved, which is well ahead of the verified Science Based Targets initiative (SBTi) trajectory of a 43% reduction. SKF accelerated its decarbonization efforts in 2024 by achieving a year-on-year emission reduction for scope 1 and 2 emissions of 32%, up from 18% in the previous year. In addition to these efforts, SKF has made significant strides in renewable energy adoption. In 2024, 72% of SKF's electricity use came from renewable sources, up from 64% in 2023. This is also important progress on SKF's commitment as part of the Renewable Energy 100 (RE100) initiative to source 100% of its electricity from renewable sources by 2030. "The progress we made in 2024 represents a significant achievement and underscores our commitment to achieve our long-term sustainability goals. These, and other achievements, would not have been possible without the hard work and dedication throughout the year from our employees all over the SKF world," says Rickard Gustafson. The SKF Annual and Sustainability Report is available for download on Aktiebolaget SKF(publ) AB SKF is obliged to make this Annual Report public pursuant to the Securities Markets Act. The report was submitted for publication through the agency of the contact person set out below on 7 March 2025 at 13.00 CET. Gothenburg, 7 March 2025 For further information, please contact:Press Relations: Carl Bjernstam, +46 31-337 2517; +46 722 201 893; Investor Relations: Sophie Arnius, +46 31-337 8072; +46 705 908 072; This information was brought to you by Cision The following files are available for download: SKF_ASR_2024_ENG SKF-1441494 framsida SKF- 47A6381 2 SKF- 47A5626 RG 20250307 SKF Annual Report 2024 published online significant decarbonization milestone reached View original content: SOURCE SKF Sign in to access your portfolio
