Connect with us

Technology

SKF initiates a separation of its Automotive business

Published

on

GOTHENBURG, Sweden, Sept. 17, 2024 /PRNewswire/ — The Board of Directors of SKF has decided to initiate a separation of its Automotive business with the objective of a separate listing on Nasdaq Stockholm through a Lex Asea distribution to its shareholders. The intention is to list the Automotive business on Nasdaq Stockholm during first half of 2026.

Given different business dynamics, end markets and success drivers for the Industrial and Automotive business segments, a separation will facilitate a clearer focus on distinct opportunities to enhance customer value, accelerate growth as well as improve efficiency and competitiveness.

“Both businesses are global leaders in their respective fields and will through a clearer focus increase customer value and leverage on their strategies as standalone companies. The Board of Directors and Management therefore believe that long-term value can be created by splitting the Group into two separate companies, benefiting customers, employees and shareholders,” says Hans Stråberg, Chair of SKF Board of Directors.

A separation would increase Automotive’s ability to adapt faster to transforming global automotive markets, by allowing it to make independent business decisions and investments. A more tailored, leaner Automotive business model will further strengthen its competitive advantage and capture additional profitable growth opportunities, while at the same time accelerating its profitability transformation.

“When we launched our new business strategy in February 2022, we articulated a desire to create a more autonomous Automotive business to provide strategic flexibility. I also said that we need to take bold decisions to unlock additional long-term profitable growth opportunities. Initiating a separation of the Automotive business is one of those decisions,” says Rickard Gustafson, President and CEO.

A more focused Industrial company will be even better equipped to develop and execute its strategy and allocation of resources. By connecting operations more towards its industrial customers’ needs, it will cater for accelerated growth, improved efficiency, increased responsiveness and enhanced end-user experiences. The SKF Group will strengthen its long-term position as a global industrial focused technology leader delivering customer value through high quality and sustainable solutions.

It is the intention to separate SKF’s current Automotive business. As a reference for the full-year 2023, net sales for the Automotive segment amounted to SEK 30 billion with an adjusted operating margin of 5.6%. The corresponding figures for the Industrial segment were SEK 73 billion and 15.4%, respectively.

The Board of Directors intends to present a proposal for the distribution and listing of the Automotive business at a shareholders meeting in 2026. If the shareholders and other stakeholders approve of such a proposal, AB SKF shareholders will receive shares in the Automotive business in proportion to their existing shareholding in AB SKF. The intention is then to list the Automotive business on Nasdaq Stockholm during the first half of 2026.

The distribution of the Automotive business is foreseen to meet the requirements of Lex Asea, meaning that the receipt of the shares distributed should be exempt from Swedish tax.

Further details will be provided in due course.

A webcast for media and investors will be held on 17 September at 15:30 (CET). Access the webcast via the link or call in using the dial in details below:

Link to webcast: https://www.investis-live.com/skf/66e2a1bc26e9bc1200f9b061/paret
Sweden: +46 (0)8 5051 0031
UK / International: +44 (0)207 107 0613

Aktiebolaget SKF 
      (publ) 

Information in this press release contains information that AB SKF is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact person set out below, on 17 September 2024 at 12.00 CET.

For further information, please contact:
Press Relations: Carl Bjernstam, +46 31-337 2517; +46 722 201 893; carl.bjernstam@skf.com
Investor Relations: Sophie Arnius, +46 31-337 8072; +46 705 908 072; sophie.arnius@skf.com

This information was brought to you by Cision http://news.cision.com

https://news.cision.com/skf/r/skf-initiates-a-separation-of-its-automotive-business,c4038506

The following files are available for download:

https://mb.cision.com/Main/637/4038506/3004587.pdf

20240917 SKF initiates a separation of its Automotive business

https://news.cision.com/skf/i/skf-rickard-gustafson,c3334381

SKF Rickard Gustafson

 

View original content:https://www.prnewswire.co.uk/news-releases/skf-initiates-a-separation-of-its-automotive-business-302250137.html

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Technology

Docking Drawer to Revolutionize Appliance Garage Safety at KBIS 2025

Published

on

By

Docking Drawer, the leader in in-drawer outlet solutions, is set to showcase its newly configured Safety Interlock Outlets for appliance garages at the Kitchen & Bath Industry Show (KBIS) in Las Vegas this February 2025.

SAN RAMON, Calif., Jan. 11, 2025 /PRNewswire-PRWeb/ — Docking Drawer’s Unwavering Dedication to Safety

“At Docking Drawer, we’re not just creating products; we’re setting new standards for safety and functionality.”

When it comes to safety, no one in the industry matches the focus and innovation of Docking Drawer. Their Safety Interlock Outlets for appliance garages bring a unique, forward-thinking solution to an often-overlooked area in kitchen design. These safety outlets automatically de-energize an appliance garage power source when the cabinet door is closed, ensuring that appliances are safely powered off when contained inside the cabinet.

Docking Drawer is also the only company dedicated to creating in-cabinet electrical solutions that meet the strict code requirements of the Canadian marketplace. Their Safety Interlock Outlets are designed to make in-cabinet electricity compliant in Canada while offering consumers in all regions an additional layer of safety for in-cabinet power.

Advanced Limit Switch Technology

Docking Drawer’s Safety Interlock Outlets for appliance garages utilize an advanced Limit Switch system, designed to work seamlessly with power outlets concealed by a cabinet door. This intuitive feature detects when the cabinet door is closed, instantly cutting power to the connected outlet and all powered appliances.

Now Compatible with Any Appliance Garage Door

An updated Limit Switch feature now offers different switch options to accommodate all appliance garage door types, including traditional cabinet doors, pocket door setups, and more. The newly designed Limit Switch now offers two functions to choose from:

Power Off When Limit Switch is Depressed: This state is ideal for traditional cabinet doors, where closing the door depresses the switch to cut power safely.Power On When Limit Switch is Depressed: This state is perfect for pocket doors, where the door being pushed back upon opening activates the switch, turning the power on.

Customizable Connectivity

The flexibility of Docking Drawer’s solutions also allows for connecting multiple limit switches to a single safety outlet or vice versa, offering customization options to adapt to the unique demands of any project.

“At Docking Drawer, we’re not just creating products; we’re setting new standards for safety and functionality,” states Scott Dickey, founder of Docking Drawer. “Our Safety Interlock Outlets represent the culmination of our dedication to innovation and empowering homeowners and professionals with safer, more organized spaces—even beyond the kitchen and bathroom.”

Join Us at KBIS 2025

Don’t miss the opportunity to experience the future of kitchen safety. Visit Docking Drawer at KBIS 2025 in Las Vegas this February to see firsthand how their Safety Interlock Outlets are revolutionizing appliance garage safety.

About Docking Drawer:

Founded in 2014, Docking Drawer offers a full array of ETL Listed electrical solutions. From our core in-drawer outlets developed specifically for use inside the drawer to our family of safety interlock outlets which add peace of mind to in-cabinet electrical setups, our products are designed to create more organized, functional and safer spaces.

Media Contact

Paul Hostelley, Docking Drawer, 1 530-362-5055, paul@dockingdrawer.com, dockingdrawer.com

View original content:https://www.prweb.com/releases/docking-drawer-to-revolutionize-appliance-garage-safety-at-kbis-2025-302347293.html

SOURCE Docking Drawer

Continue Reading

Technology

More than 85 Governments to Gather in Riyadh to Lead Global Action on Minerals at Fourth Future Minerals Forum

Published

on

By

RIYADH, Saudi Arabia, Jan. 11, 2025 /PRNewswire/ — Over 85 governments from key mineral-producing and consumer nations, including 16 countries from the leading G20 economies, and 50 ministers and 13 vice ministers – have confirmed they will join the 2025 FMF Ministerial Roundtable on January 14, 2025.

The Ministerial Roundtable, a multi-stakeholder, government-led initiative, is the traditional opener of FMF, spurring international action to increase investment in mineral supply and build capacity in the Super Region of Africa, Western and Central Asia, and other supply regions. It is set to be the largest and most senior gathering of mineral resources officials in the world

Discussion will cover progress made over the past year on the three Ministerial Roundtable initiatives:

Development of an International Critical Minerals FrameworkEstablishment of Centers of Excellence to build capacity in sustainability (Morocco), talent development (South Africa), and technology innovation (Saudi Arabia).Advancements in Certification Systems to ensure responsible mineral sourcing.

His Excellency Khalid Al-Mudaifer, the Vice-Minister for Mining Affairs of Saudi Arabia’s Ministry of Industry and Mineral Resources, emphasizes that, “The meeting is an important step towards achieving sustainable development in the minerals sector globally. It is an ideal platform for delivering solutions, developing legislation on best practices in the field of sustainable mining, and exploring ways to invest in mining projects to achieve economic and social development in producing countries.”

Joining him are high-profile leaders, including ministers from supplier and financing like Brazil, South Africa, DRC, India, Egypt, Italy, Nigeria, Qatar, Pakistan, Kazakhstan, Uzbekistan, Malaysia, Thailand, Morocco, Indonesia, France, USA and the United Kingdom, discussing opportunities for global cooperation.

 “This year, discussions will seek to enhance collaboration between governments, industry, and communities to drive more investment in minerals, and development through value addition in supplier countries. We want to support the pressing need for sustainable mining practices, resilient supply chains, and value-driven partnerships in the minerals industry.”

Importantly, the outcomes of the Ministerial Roundtable are not confined to the event itself but form an ongoing, year-round program. Regional Coordination Groups will continue to drive the implementation of key initiatives.

“FMF is emerging as the largest global hub for minerals collaboration and action – no other platform brings together government ministers and senior industry leaders at this scale.” Al-Mudaifer concluded.

 

SOURCE Future Minerals Forum

Continue Reading

Technology

LANDI Global Unveils Flagship Cx20: Elevating business efficiency and customer experience with a next-generation Windows-powered terminal

Published

on

By

SINGAPORE, Jan. 11, 2025 /PRNewswire/ — LANDI Global proudly announces the launch of the Cx20 terminal, our flagship next-generation smart Windows Desktop POS.

Engineered for businesses that seek advanced technology and refined design, the Cx20 delivers top-tier performance with seamless compatibility. This powerful Desktop POS empowers users to handle even the most challenging tasks with confidence, making it ideal for demanding environments.

Innovation driven by market needs

The Cx20 is designed to meet the growing global demand for Windows-based Desktop POS.

With a large Windows-installed base still in use and the end of support for Windows 10, many businesses are seeking an easy migration path to Windows 11-compatible POS solutions. The Cx20 integrates seamlessly with existing Windows-based applications and back-end systems, ensuring minimal disruption and maximum compatibility.

Build for Business Demand  

The Cx20 is built to meet the demands of businesses with its powerful performance, robust connectivity, and user-friendly design.

Equipped with advanced industrial control chips, running on Windows 11 IoT LTSC, the Cx20 benefits from Microsoft’s long-term support of up to 10 years+, delivering consistent performance for high-demand workloads and efficient multitasking.

Connectivity is seamless, with Wi-Fi 6e and 1000M Ethernet support, ensuring constant, reliable connectivity essential for uninterrupted business operations.

Its 15.6″ IPS with 1920×1080 resolution, multi-touch display ensures crystal-clear visuals and an intuitive user experience.

Outstanding performance and customer benefit

The Cx20 is powered by a Hexa-core Intel® i3-1215U processor, reaching speeds up to 4.4GHz. With compatibility for Windows 11 IoT, it excels at handling high-demand workloads and multitasking, making it the ideal POS solution for businesses.

Memory options range from 8GB + 256GB as a base, ensuring versatility to meet various operational needs while maintaining a seamless experience for complex tasks. The Cx20 is equipped with an integrated 80mm thermal printer featuring auto-cutter technology, ensuring efficient printing, and LANDI’s patented auto-recovery technology automatically resolves paper jams for uninterrupted service.

Distinct competitive advantages

The Cx20 stands out with its perfect blend of cutting-edge design and high-performance functionality.

Equipped with the latest Intel® processors and generous memory options, it delivers smooth operation and efficient multitasking, making it ideal for demanding retail and hospitality environments.

Cx20 features an ultra-slim triangular base for added stability and a sleek profile. With a body thickness of 4mm and a screen thickness of 8mm, it combines state-of-the-art technology.

Visit LANDI Global for more information!

View original content to download multimedia:https://www.prnewswire.com/news-releases/landi-global-unveils-flagship-cx20-elevating-business-efficiency-and-customer-experience-with-a-next-generation-windows-powered-terminal-302348520.html

SOURCE LANDI Global

Continue Reading

Trending