11 Sep 2023 09:47

SKF successor in Russia to start building tapered, ball bearing plant near Tver in 2024 - regional government

TULA. Sept 11 (Interfax) - TEK-KOM Manufacturing LLC, the former Russian plant of Swedish bearing maker SKF, plans to carry out a new investment project by 2027 to produce tapered and ball bearings in the Borovlevo-2 industrial zone, the Tver regional government's press service reported.

The project was reviewed Friday at a meeting of the regional government's interagency commission for land relations.

"There are plans to complete another project by 2027 - the development of production of tapered and ball bearings needed in Russian industry. Construction of the production facilities is scheduled to start in March 2024," the press release said.

TEK-KOM Manufacturing is currently carrying out several investment projects, two which are in the active stage. The company is introducing technology to produce bearings with longer lasting rolling elements and building a new production line. The latter project is being carried out under a SPIC 2.0 special investment contract signed with the governments of Russia and Tver Region to fully localize components for axlebox bearings for railcars.

The realization of all the announced plans will create more than 200 new jobs and generate about 330 million rubles of tax revenue, the release said.

It was reported earlier that TEK-KOM planned to build a new manufacturing facility and warehouse with an area of more than 3,200 square meters next to its existing plant in order to expand production of railway bearings. The new facility will produce rollers for bearings, from rod to finished product. It will have capacity of 80,000 railway bearings per year, according to preliminary figures.

A letter of intent to build the second phase of the plant was signed at the St. Petersburg International Economic Forum in 2022. It was reported that investment in the project would total 477 million rubles and that it would be completed by 2028.

TEK-KOM Manufacturing was registered in Tver Region in March 2018 and has charter capital of 254.2 million rubles. The company's sole founder is TEK-KOM Group CEO Alexei Shulepov. The company manufactures and refurbishes railway bearings and industrial roller bearings in the Borovlevo industrial zone.

Sweden's SKF, one of the world's leading producers of bearings, announced in April 2022 that it was ceasing operations in Russia and in May that year it completed the sale of 100% of its Russian subsidiary SKF LLC to its Russian management. It was said at the time that the company would continue to make cartridge bearings under the new name TEK-KOM Manufacturing.