SKF Completes Previously Announced Divestment of L&AT Business, Resulting in a net Gain of SEK 1.2 Billion

SKF Completes Previously Announced Divestment of L&AT Business, Resulting in a net Gain of SEK 1.2 Billion

PR Newswire

GOTHENBURG, Sweden, Dec. 3, 2018

Previously announced divestment results in a net gain of SEK 1.2 billion. Unrelated to the divestment, impairments of assets and customer settlement costs totalling approximately SEK 300 million to impact operating result in Q4 2018


GOTHENBURG, Sweden, Dec. 3, 2018 /PRNewswire/ -- SKF has completed the previously announced divestment of its linear and actuation technology business to Triton.

The total consideration of the divestment is SEK 2.75 billion on a cash- and debt-free basis. The closing of the divestment will have a positive effect on the operating result for Q4 2018 of SEK 1.2 billion.

Christian Johansson, Senior Vice President and CFO says, "Our efforts to focus on our core business around the rotating shaft has generated approximately SEK 7 billion during the last three years. These funds have been used to strengthen the balance sheet and increase investments in manufacturing and R&D. We now have a stronger financial position from which to build upon."

Unrelated to the divestment, impairments of assets and costs associated with customer settlements will have a negative effect on the operating result for Q4 2018 of approximately SEK 300 million.

Aktiebolaget SKF
     (publ)

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
Tel: +46-31-337-2104
Tel: +46-705-472-104
patrik.stenberg@skf.com

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http://news.cision.com/skf/r/skf-completes-previously-announced-divestment-of-l-at-business--resulting-in-a-net-gain-of-sek-1-2-b,c2690035

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