SEK 2,8 billion will be distributed on June 7, 2005 to SKF shareholders.
SKF’s acquisition of Jaeger Industrial Ltd – a leading manufacturer of electromechanical actuators, electronic control units and complete actuation systems – has now been finalized.
In February, 2005, SKF announced its intention to purchase the outstanding publicly held shares of its subsidiary SKF India Limited and to delist it from the stock markets in India. SKF presently holds 53.58% of the equity shares in the company.
“SKF confirms its target of 10% operating margin level as well as its target of 24% sales growth, in local currencies, within the four-year period ending 2006, also after the divestment of Ovako. The target remains unchanged”, said Tom Johnstone, President and CEO of SKF at the Group’s Capital Market Day in Sao Paulo.
The Board of AB SKF has appointed Tore Bertilsson, age 54, Chief Financial Officer in SKF, as Executive Vice President of AB SKF. He will take up the position as from June 1 when Gunnar Gremlin, Executive Vice President AB SKF and President of SKF (China) Investment Co. Ltd, retires.
SKF has signed an agreement to acquire Jaeger Industrial Ltd, a leading manufacturer of electromechanical actuators, electronic control units as well as complete actuation systems.
The Annual General Meeting of Aktiebolaget SKF, parent company of the SKF Group, was held in under the chairmanship of Mr Anders Scharp.
SKF reports an increase in sales of 14.2% for the first quarter 2005, measured in local currencies and compared to last year. Profit before taxes increased by 38%. The operating margin was 10% for the first quarter.
SKF has decided to strengthen its manufacturing capacity in China to respond to the growing demand from the domestic Chinese market, as well as to support its markets outside China. A new wholly owned subsidiary, SKF (Dalian) Bearings and Precision Technologies Co., Ltd. …
Mr. Tommy G Klein has been appointed Senior Vice President, SKF Group Business Development. He will take up his position on March 14, 2005.
