SKF Invests in New Factory for Large Bearings in India
GOTEBORG, Sweden--(BUSINESS WIRE)--June 7, 2007--SKF (NASDAQ:SKFR) (STO:SKFA) (STO:SKAB) (LSE:SKFB) has decided to invest SEK 450 million to build a greenfield factory in India for the manufacturing of large size bearings.
The factory is expected to start manufacturing in 2008 and will, when fully utilized, employ some 300 persons.
-- | This is a further investment that SKF is making to support the |
strong global demand for large size bearings, driven by the |
fast growth in segments such as wind energy, mining, steel and |
off-road segments, says Mr Tom Johnstone, President and CEO of |
SKF. |
Last year SKF inaugurated a new factory for large size bearings in China and at the beginning of this year announced a large investment in its Swedish factory in Goteborg to increase the capacity for large size bearings.
-- | With this new investment and the investment announced earlier |
this year in a factory for ball bearings in India, the SKF |
Group will have five manufacturing sites in the country. SKF |
has been present in India since 1923 and in recent years we |
have a strong development of our business in India. These |
investments show our continued commitment to the fast growing |
Indian market, Mr Johnstone said. The new factory will supply |
the Indian market as well as the international markets. |
This information was brought to you by Cision
http://newsroom.cision.com
CONTACT: Aktiebolaget SKF
Lars G Malmer, SKF Group Communication
Tel. +46 (0)31 337 1541
Mobile: +46 (0)705-371541
Lars.G.Malmer@skf.com
or
Marita Bjork, SKF Investor Relations
Tel: +46 (0)31 337 1994
Mobile: +46 (0)705-181994
marita.bjork@skf.com