SKF invests in magnetic bearing manufacturing to meet increasing demand
Gothenburg, 22 May 2023: SKF is increasing its technical and manufacturing capabilities within magnetic bearings through an investment totaling SEK 50 million in a new manufacturing site in Tangier, Morocco.
The new site will ramp up operations during the second quarter and once fully operational, will help meet growing demand for magnetic bearings, which have a number of applications within turbomachinery and other high-speed applications, including hydrogen gas liquification and for oil-free industrial compressors.
Thomas Fröst, President, Independent & Emerging Business, says: “Magnetic bearings have played a key role in traditional energy segments for many years. As this technology is now playing a central role in green industries, we need to make sure we can maintain our leading position in terms of technical development and customer service. Our new site in Morocco is an important step in this direction.”
Magnetic bearings are one of SKF’s technology growth areas. The Group secured a record order intake for these products of over SEK 1 billion in 2022.
Aktiebolaget SKF
(publ)
For further information, please contact:
PRESS: Carl Bjernstam, Acting SKF Media & Press Director
tel: 46 31-337 2517; mobile: 46 722-201 893; e-mail: carl.bjernstam@skf.com
INVESTOR RELATIONS: Patrik Stenberg, Head of Investor Relations
tel: 46 31-337 2104; mobile: 46 705-472 104; patrik.stenberg@skf.com
SKF is a world-leading provider of innovative solutions that help industries become more competitive and sustainable. By making products lighter, more efficient, longer lasting, and repairable, we help our customers improve their rotating equipment performance and reduce their environmental impact. Our offering around the rotating shaft includes bearings, seals, lubrication management, condition monitoring, and services. Founded in 1907, SKF is represented in approximately 130 countries and has around 17,000 distributor locations worldwide. Annual sales in 2022 were SEK 96,933 million and the number of employees was 42,641. www.skf.com
® SKF is a registered trademark of the SKF Group.
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