Continued very strong operating result

According to SKF half-year report 2020, the SKF Group recorded continued very strong operating result despite sharp fall in demand.

Alrik Danielson, President and CEO:“We have delivered another very strong operating result, despite sales falling by 25% during the second quarter. This performance allowed us to continue to build a stronger SKF, maintaining high levels of investments in our factories and new customer offerings whilst at the same time capitalizing on new ways of working. In June, we also announced that our manufacturing operations will be carbon neutral by 2030.

Investiments in the Group factories have never ceased

The SKF Group continued to reduce costs while adjusting the size of the business, with the ambition to be even more flexible and to support customers in an even better way. Investments in modernizing and automating our factories, as well as increasing SKF regional manufacturing capacity continued. During the quarter a further SEK 400 million investment in Xinchang ball bearing factory in China was announced.