Breaking news: SKF will split its automotive business
Breaking news: SKF will split its automotive business. The SKF board of directors has decided to initiate the spin-off plan of its automotive business and list it separately on the Nasdaq Stockholm Stock Exchange. The plan is to list the automotive business on Nasdaq Stockholm in the first half of 2026.
As the Industrial and Automotive business units have different business dynamics, end markets and drivers of success, the separation will help to provide a clearer focus on the respective opportunity areas, thereby enhancing customer value, accelerating growth and improving efficiency and competitiveness.
"Both businesses are global leaders in their respective fields, and with a clearer focus, independently operating companies will better create value for customers and leverage their strategic advantages. The Board and management believe that by splitting the Group into two independent companies, long-term value can be created to benefit customers, employees and shareholders." said Hans Stråberg, Chairman of the Board of SKF.
After the separation, the automotive business will be more quickly able to adapt to the transformation of the global automotive market and be able to make business decisions and investments independently. A more focused and streamlined automotive business model will further enhance its competitive advantage and seize additional profitable growth opportunities while accelerating its transformation of profitability.
"When we launched our new business strategy in February 2022, we expressed our desire to create a more autonomous automotive business to provide strategic flexibility. I also mentioned that we needed to make bold decisions to unlock more long-term profitable growth opportunities. Initiating the separation of the automotive business is such a decision." said Rickard Gustafson, President and CEO of SKF.
A more focused industrial company will be better able to formulate and execute its strategy and allocate resources. By being closer to the needs of industrial customers, industrial companies will be able to accelerate growth, improve efficiency, enhance responsiveness and enhance the end-user experience. The SKF Group will consolidate its long-term position as a global industrial technology leader, creating value for customers through high-quality and sustainable solutions.
It is planned to spin off SKF's current automotive business. Taking the full year 2023 as a reference, the automotive division's net sales are SEK 30 billion and the adjusted operating margin is 5.6%. The corresponding industrial division data is SEK 73 billion and the margin is 15.4%. "
The Board of Directors plans to propose the distribution and listing of the Automotive business at the General Meeting in 2026. If shareholders and other stakeholders approve the proposal, AB SKF shareholders will receive shares in the Automotive business in proportion to their existing AB SKF shareholdings. It is then planned to list the Automotive business on Nasdaq Stockholm in the first half of 2026.
The distribution of the Automotive business is expected to meet the requirements of Lex Asea, which means that the distributed shares should be exempt from Swedish taxation.
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