SKF India parent company to separate global automotive business

18 Sep 2024 , 03:05 PM

SKF India’s parent company, AB SKF, revealed on Tuesday that it intends to separate its worldwide automotive business and list it on Nasdaq Stockholm by mid-2026.

This decision, made during a board meeting on September 17, 2024, is part of a larger strategic shift to better focus on the unique demands of its automotive and industrial operations.

The split will be carried out by a Lex Asea distribution to AB SKF shareholders, allowing the new automotive entity to become an independent company. The move intends to provide both the automotive and industrial segments more autonomy in pursuing their own growth goals.

To aid this transition, SKF India’s board of directors has constituted a committee to study and formulate separation options. The business has also instituted a trading window closure for its directors, promoters, and insiders, which will be in force from the conclusion of the board meeting until 48 hours after the final decision on the split.

In a separate announcement, SKF India announced David Leif Henning Johansson’s resignation, effective at the end of the September 17 meeting, due to other commitments. Kerstin Enochsson has also been appointed as a Non-Executive Non-Independent Director, effective immediately and subject to shareholder approval. Enochsson has vast experience with supply chain management and procurement, having previously worked for Volvo and Deutsche Bahn.

 

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