SKF divests coolant pumps operations

<p style="text-align: center;"><img src="/ueditor/php/upload/image/20230713/1689239720233748.png" title="1689239720233748.png" alt="3.png"/></p><p style="text-align: justify;"><span style="font-family: arial, helvetica, sans-serif; font-size: 12px;">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.</span></p><p style="text-align: justify;"><span style="font-family: arial, helvetica, sans-serif; font-size: 12px;">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.</span></p><p style="text-align: justify;"><span style="font-family: arial, helvetica, sans-serif; font-size: 12px;">Thomas Fr?st, President, Independent &amp; Emerging Business, at SKF, says: &quot;We are pleased to sell Spandau Pumpen to EBARA&nbsp;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.&quot;</span></p><p style="text-align: justify;"><span style="font-family: arial, helvetica, sans-serif; font-size: 12px;">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.”</span></p><p style="text-align: justify;"><span style="font-family: arial, helvetica, sans-serif; font-size: 12px;">The divestment is expected to close at the end of September 2023. The divestment is deemed not material on SKF Group’s financials.</span></p><p><br/></p>