SKF Takes Steps to Reduce Impact of Initiatives from Authorities and Customers

GOTHENBURG,Sweden,March 20,2020 -- The industries and regions in which SKF operates are being impacted by initiatives by authorities and SKF's customers related to the spread of the Covid-19 virus.

As a result of this significant level of uncertainty,SKF is taking major steps to reduce the impact of the situation on its operations,including closure of sites,reducing costs,number of employees and increasing flexibility within the workforce.

There is a considerable risk of a material financial impact on SKF from the end of March. With the high levels of uncertainty surrounding the situation and potential additional initiatives by authorities and SKF's customers,it is very difficult to predict the full financial impact that the situation may have on SKF.

Aktiebolaget SKF

(publ)

The information in this press release is information which AB SKF is required to disclose under the EU Market Abuse Regulation (EU) No 596/2014 The information was provided by the above contact persons for publication on 19 March 2020 at 18:30.

CONTACT:

For further information,please contact:

PRESS: Theo Kjellberg,Director,Press Relations

tel: 46-31-337-6576,mobile: 46-725-776576,e-mail: theo.kjellberg@skf.com

INVESTOR RELATIONS: Patrik Stenberg,Head of Investor Relations

Patrik Stenberg,46-31-337-2104; 46-705-472-104; patrik.stenberg@skf.com

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