Greenfield factory investment totaling SEK 700 million will support strategic
development in the Americas and meet customer needs as focus on
electrification increases
GOTHENBURG, Sweden, Feb. 2, 2023
/PRNewswire/ -- SKF is further strengthening its value chain in
North America. Investments
totaling SEK 700 million are being
made in locating engineering and manufacturing capabilities in a
new, greenfield facility in Monterrey,
Mexico. The factory will produce products for the
fast-growing and strategically important electric vehicle
drivetrain and commercial vehicle markets in North America, as well as a range of products
for industrial applications.
The investments create a strong regional base for the
development and manufacturing of SKF's high-performance deep-groove
ball bearings (DGBB) for North American car manufacturers and
tapered roller bearings (TRB) for industrial and commercial vehicle
applications.
David Johansson, President,
Automotive, says: "These investments are an important step in
further strengthening our capability and offers within the EV and
commercial vehicle segments in North
America, whilst at the same time securing a regional supply
chain that complements our existing capabilities in Europe and Asia. Monterrey is strategically located: near many
of our customers and partners in Mexico, with developed logistics channels to
major distribution hubs in the USA. With this solid base to build from, we
will be able to reinforce our position as a global, leading
supplier to the electric and commercial vehicle markets."
John Schmidt, President,
Americas, says: "Increasing our regional capabilities in the
Americas reduces our reliance on imports from other regions, making
us stronger, more flexible and competitive in a range of
applications. This will enable us to better serve a wider
range of customers".
The first production lines in Monterrey are expected to open in mid-2023.
SKF specialists from the Americas, India, China
and Europe are involved in the
technology and competence ramp-up of the factory, which is expected
to generate some 1,200 jobs for the local community once fully
operational.
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, 46 31-337 2104; 46
705-472 104; patrik.stenberg@skf.com
The following files are available for download:
https://mb.cision.com/Main/637/3707240/1820548.pdf
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20230202 SKF increases
regionalization in North America
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https://news.cision.com/skf/i/skf-ceramic-bearing,c3139778
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SKF Ceramic
Bearing
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https://news.cision.com/skf/i/david-johansson,c3139779
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David
Johansson
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SOURCE SKF