SKF reaches settlement with the European Commission
ET | Source:SKF, AB
Gothenburg, Sweden, 19 March 2014: The SKF Group has reached a settlement with
the European Commission putting an end to the investigation regarding supply of
bearings to the European automotive manufacturing industry. The company has
agreed to pay EUR 315,109,000 (around SEK 2,8 billion) and the settlement amount
is covered by the earlier announced provision made by SKF already in its fourth
quarter results 2013.
"This is a very sad day indeed for all of us in the SKF Group and I deeply
regret that this has happened" says Tom Johnstone, SKF President & CEO. "While
we strongly believe that no damage has been caused to our business partners this
conduct is in clear violation of our values and the SKF code of conduct. SKF has
cooperated fully with the authorities during the investigation and at the same
time we have significantly intensified our compliance and training programmes
throughout the SKF Group. What happened was unacceptable and should never happen
Today’s decision of the European Commission covers violations of European
competition rules with respect to sales of bearings to the automotive
manufacturing industry in Europe. SKF was one of six bearing manufacturers
involved in the investigation. The settlement decision makes no finding that
SKF’s top management had involvement or knowledge in the conduct at issue.
AB SKF is required to disclose the information provided herein pursuant to the
Securities Markets Act and/or the Financial Instruments Trading Act. The
information was submitted for publication at 12.00 on 19 March 2014.
For further information, please contact:
Group Communications: Ingalill Östman, 46 31-337 3260, mobile: 46 706-973260,
Investor Relations: Marita Björk, 46 31-337 1994, mobile: 46 705-181994,
SKF is a leading global supplier of
n), lubrication systems (http://www.skf.com/portal/skf_lub?lang=en), and
n) which include technical support, maintenance and reliability services,
engineering consulting and training. SKF is represented in more than 130
countries and has around 15,000 distributor locations worldwide. Annual sales in
2013 were SEK 63,597 million and the number of employees was 48,401. www.skf.com
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