22 Apr 2022 13:46

Swedish ball bearing producer SKF ceasing operations in Russia

MOSCOW. April 22 (Interfax) - Sweden's SKF is ceasing all operating activities in Russia.

"The management of Sweden's SKF Group has announced that it is preparing plans for the controlled termination of its operations in Russia," the company's Russian division said in a statement.

SKF is one of the largest manufacturers of ball bearing in the world. The company operates in 130 countries and has been operating in Russia since 1991. In 2010, it opened a production facility in Tver, which produces bearings for railway transport.

"SKF Group has absolute trust in the Russian team, which has demonstrated brilliant results in development of the business. The Russian management team is currently working with colleagues from Sweden to develop a business reorganization plan to continue the operational and production activities of SKF Group's Russian division, SKF LLC. After the transition period, the Russian team will continue business activities outside the orbit of SKF Group. I would like to especially note that we do not plan to stop production at the plant in Tver," the company's CEO Alexei Shulepov was quoted as saying in the statement.