SKF invests further SEK 400 million in ball bearing manufacturing in China
Gothenburg, 17 June 2020: SKF is making further investments in strengthening its manufacturing footprint in China for ball bearings. The investment is in-line with the Group’s region-for-region manufacturing strategy.
The Group announced a SEK 370 million investment in a new factory in Xinchang in June 2019. With the factory now operational, a further SEK 400 million is being invested in expanding the site.
Patrick Tong, President, Industrial Sales Asia, says: “We have made great progress in China, the world’s largest market for deep groove ball bearings, over the last two years, thanks to our engineering competence and first investment phase in Xinchang. The next phase of the investment will allow us to serve our customers even better, across wider applications and with a wider product range.”
Kent Viitanen, President, Bearing Operations, says: “This investment is part of our strategic ambition to develop our regional manufacturing footprint. Following our successful initial investment in Xinchang, expanding the site is a logical next step in strengthening our ball bearing capabilities in China.”
The second phase of the factory in Xinchang is expected to be operational during the end of 2021.
Aktiebolaget SKF
(publ)
Previous press release:
19 Jun 2019: “SKF invests SEK 450 million in deep groove ball bearing manufacturing”
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För ytterligare information, kontakta:
PRESS: Theo Kjellberg, Director, Press Relations,
tel: 46 31-337 6576, mobile: 46 725-776576, e-mail: theo.kjellberg@skf.com
INVESTOR RELATIONS: Patrik Stenberg, Head of Investor Relations,
tel: 46 31-337 2104, mobile: 46 705-472104, e-mail: patrik.stenberg@skf.com
SKF’s mission is to be the undisputed leader in the bearing business. SKF offers solutions around the rotating shaft, including bearings, seals, lubrication, condition monitoring and maintenance services. SKF is represented in more than 130 countries and has around 17,000 distributor locations worldwide. Annual sales in 2019 were SEK 86 013 million and the number of employees was 43,360. www.skf.com
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