GOTHENBURG, Sweden, July 12, 2023 /PRNewswire/ -- SKF has signed an agreement to divest Spandau Pumpen to EBARA Pumps Europe S.p.A, a group company of the global industrial machinery manufacturer EBARA CORPORATION. Spandau Pumpen is focused on coolant pumps in SKF's lubrication business.

The divestment is a strategic realignment and part of SKF's decision to focus on its core lubrication business such as automatic lubrication systems and components, lubricants, and lubrication tools.

Thomas Fröst, President, Independent & Emerging Business, at SKF, says: "We are pleased to sell Spandau Pumpen to EBARA CORPORATION, a dedicated pump manufacturer that will be able to continue to develop this business. The divestment is another example of the ongoing pruning of our portfolio, which is an important part of our strategy."

Minoru Matsushita, Managing Director at EBARA Pumps Europe S.p.A, says: "It is a good opportunity for us to acquire Spandau Pumpen, which has a great history and solid brand in the industry. We are confident in the continuous growth of the business by creating synergy with our existing world-wide network."

The divestment is expected to close at the end of September 2023. The divestment is deemed not material on SKF Group's financials.

For further information, please contact:PRESS: Carl Bjernstam, Head of Media Relationstel: 46 31-337 2517; mobile: 46 722-201 893; e-mail: carl.bjernstam@skf.com 

INVESTOR RELATIONS: Patrik Stenberg, Head of Investor Relationstel: 46 31-337 2104; mobile: 46 705-472 104; patrik.stenberg@skf.com 

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