SKF invests in magnetic bearing manufacturing to meet increasing demand

Author: SKF / 2023-07-24 02:01 / Source: SKF

SKF invests in magnetic bearing manufacturing to meet increasing demand

GOTHENBURG,Sweden,May 22,2023 --SKF is increasing its technical and manufacturing capabilities within magnetic bearings through an investment totaling SEK 50 million in a new manufacturing site in Tangier,Morocco.

The new site will ramp up operations during the second quarter and once fully operational,will help meet growing demand for magnetic bearings,which have a number of applications within turbomachinery and other high-speed applications,including hydrogen gas liquification and for oil-free industrial compressors.

Thomas Fröst,President,Independent & Emerging Business,says: "Magnetic bearings have played a key role in traditional energy segments for many years. As this technology is now playing a central role in green industries,we need to make sure we can maintain our leading position in terms of technical development and customer service. Our new site in Morocco is an important step in this direction."

Magnetic bearings are one of SKF's technology growth areas. The Group secured a record order intake for these products of over SEK 1 billion in 2022.

Aktiebolaget SKF

(publ)

For further information,please contact:

PRESS: Carl Bjernstam,Acting SKF Media & Press Director

tel: 46 31-337 2517;mobile: 46 722-201 893;e-mail: carl.bjernstam@skf.com

INVESTOR RELATIONS: Patrik Stenberg,Head of Investor Relations

tel: 46 31-337 2104; mobile: 46 705-472 104; patrik.stenberg@skf.com

The following files are available for download:

https://mb.cision.com/Main/637/3772292/2071566.pdf

20230522 SKF invests in magnetic bearing manufacturing to meet increasing demand

https://news.cision.com/skf/i/skf-tangier,c3180608