SKF charges SEK 150 million to its financial net due to vendor loan in Ovako
SKF divested its holding in Oy Ovako Ab in 2006 and a vendor note due for repayment in 3-6 years was issued by the buyer. For more details please see the press release dated 17 July 2006.
Due to a change of ownership in Ovako the company's debt position, including the vendor note, has been restructured. As a result of this, SKF will have a negative effect of around SEK 150 million, with no cash effect, in its financial net for the third quarter.
Ovako is an important supplier to SKF and will continue to be considered so under the new ownership
Gothenburg, 12 October 2010
Aktiebolaget SKF
(publ)
| AB SKF may be required to disclose the information provided herein according to the Securities Markets Act and/or the Financial Instruments Trading Act. The information was submitted for publication at 16.00 CEST on 12 October 2010. |
For further information, please contact:
PRESS: Ingalill Östman, SKF Group Communication, tel: 46 31-337 3260, mobile: 46 706-973260, e-mail: ingalill.ostman@skf.com
IR: Marita Björk, SKF Investor Relations, tel: 46 31-337 1994, mobile: 46 705-181994, e-mail: marita.bjork@skf.com
SKF is a leading global supplier of bearings, seals, mechatronics, lubrication systems and services which include technical support, maintenance and reliability services, engineering consulting and training. SKF is represented in more than 130 countries and has 15,000 distributor locations worldwide. Annual sales in 2009 were SEK 56,227 million and the number of employees was 41,172. www.skf.com