SKFRY - SKF to wind down coolant pumps operations

2023-07-12 05:12:03 ET

• SKF ( OTCPK:SKFRY ) will divest its coolant pumps business, Spandau Pumpen, to EBARA Pumps Europe S.p.A. by the end of September, the company said Wednesday.
• The move to phase out is a strategic realignment to focus on its core lubrication business, such as automatic lubrication systems and components, lubricants, and lubrication tools.
• "We are pleased to sell Spandau Pumpen to EBARA CORPORATION, a dedicated pump manufacturer that will be able to continue to develop this business. The divestment is another example of the ongoing pruning of our portfolio, which is an important part of our strategy," SKF President of Independent and Emerging Business, Thomas Fröst, had said.
• The divestment is deemed not material to SKF Group's financials, the company said in a statement.

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