SKF Germany Posts Strong 2005 Results(Pic)

Resource from: CBCC Likes:3004

Feb 22,2006

SKF Deutschland GmbH (Germany, a subsidiary of SKF AB, Sweden) posted strong results for 2005, including sales growth of more than 9%, despite a generally weakened economy across Germany, particularly in the industrial sector. Sales in 2005 reached USD 1.25 billion, a significant 19% slice of SKF's $6.4 billion worldwide sales. Germany, as Europe's largest economy, is considered an important bellwether for the performance of international corporations doing business there. Germany represents 29% of the Euro denominated economy, and has been fighting a tend toward stagnancy and over-reliance on exports. 2006 is expected to be slightly better than 2005, but doubts have surfaced since 2005's fourth quarter has now reported as flat.

SKF GmbH in Muhlheim SKF credited strong sales of value-added products, including its various support services, sales of lubrication systems and sealants for its performance in Germany. Bearing sales across Germany were reportedly near flat for all of 2005. In addition to raising sales into difficult industrial markets, some automotive OEM sales also improved during the year. Aftermarket sales were up slightly, but the gains were welcome as aftermarket sales tend to be disproportionately more profitable than OEM sales. Economic researchers said Germany's economy grew only an adjusted 0.9% for all of 2005, while the country's deficit exceeded agreed EU limits for the fourth straight year.

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