SKF

SKF signed an agreement to sell Spandau Pumpen, its coolant pump business, to EBARA Pumps Europe S.p.A., a group company of EBARA Corporation. The divestment is expected to close at the end of September 2023 and is not material to SKF's financials.

SKF is investing SEK 50 million in a new manufacturing site in Tangier, Morocco, to produce magnetic bearings for turbomachinery and high-speed applications. Operations are set to ramp up in the second quarter of 2023.

SKF and Wolong Group signed a memorandum of understanding to explore a strategic cooperation on magnetic levitation technology in electric drive products. The companies announced the MoU on May 17, 2023.

SKF will consolidate its factories in Avon, Ohio and North Charleston, South Carolina into its Sumter, South Carolina factory, reducing staff by about 115 with restructuring costs of $4 million. The changes take about 12 to 18 months.

SKF is investing approximately $23 million to move tapered roller bearing manufacturing from China to an existing manufacturing site in Mexico. The move is part of its North American manufacturing consolidation announced September 24, 2020.

SKF is investing approximately $28 million to expand and automate manufacturing at its Sumter, South Carolina factory, which will consolidate production from Avon, Ohio and North Charleston, South Carolina. The investments take 12 to 18 months to implement.

PEER Bearing relocated its tapered roller bearing production from Changshan, China into a new 145,000 sqm facility built by parent SKF, with a total investment of SEK 200 million.