SKF takes steps to reduce impact of initiatives from authorities and customers

Gothenburg, 19 March 2020: The industries and regions in which SKF operates are being impacted by initiatives by authorities and SKF’s customers related to the spread of the Covid-19 virus.

As a result of this significant level of uncertainty, SKF is taking major steps to reduce the impact of the situation on its operations, including closure of sites, reducing costs, number of employees and increasing flexibility within the workforce.

There is a considerable risk of a material financial impact on SKF from the end of March. With the high levels of uncertainty surrounding the situation and potential additional initiatives by authorities and SKF’s customers, it is very difficult to predict the full financial impact that the situation may have on SKF.

Aktiebolaget SKF

      (publ)

The information in this press release is information which AB SKF is required to disclose under the EU Market Abuse Regulation (EU) No 596/2014 The information was provided by the above contact persons for publication on 19 March 2020 at 18:30.

For further information, please contact:
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
Patrik Stenberg, 46 31-337 2104; 46 705-472 104; 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

® SKF is a registered trademark of the SKF Group.