SKF plans separation of automotive business and IPO in 2026

Suppliers SKF spins off automotive business

2024-09-24 From Claus-Peter Köth | Translated by AI 2 min Reading Time

The rolling bearing manufacturer SKF is preparing to divest its automotive business. The aim is to go public in 2026.

SKF CEO Rickard Gustafson wants to float the automotive business on the stock market.(Image: SKF) — SKF CEO Rickard Gustafson wants to float the automotive business on the stock market.
(Image: SKF)

SKF's Board of Directors has decided to spin off the automotive business with the aim of a separate listing on Nasdaq Stockholm in the first half of 2026.

Given the different business dynamics, end markets and success factors for the Industrial and Automotive divisions, the separation will enable a clearer focus to increase customer value, accelerate growth and improve competitiveness, according to a press release.

"Both business areas are global leaders in their respective fields and will increase customer value through a clearer focus and further develop their strategies as independent companies," explains Hans Stråberg, Chairman of the SKF Board of Directors.

"When we presented our new business strategy in February 2022, we expressed our desire to create a more autonomous automotive business to ensure strategic flexibility. I also said that we needed to make bold decisions to unlock additional long-term profitable growth opportunities. Separating the automotive business is one of these decisions," adds Rickard Gustafson, President and CEO of SKF.

As a reference for the full year 2023, net sales in the Automotive segment amounted to SEK 30 billion (approx. EUR 2.65 billion) with an adjusted operating margin of 5.6 percent. The corresponding figures for the Industrial segment amounted to SEK 73 billion (EUR 6.46 billion) or 15.4 percent.

Concern at the Schweinfurt site

The news from Gothenburg has caused great concern among the employees in Schweinfurt, the German headquarters of SKF, reports the "Main-Post". The workforce was informed of the company's plans at two works meetings called at short notice on Monday (23.9.).

It is not yet possible to estimate what effects the split-up of SKF will have on the employees. Many questions remained unanswered at the two works meetings.

"SKF and the German management are taking the concerns of the workforce seriously," SKF press spokesman Holger Laschka told the Main-Post. The upcoming reorganization of the Group will take place in close consultation with the employee representatives and the needs of the employees will be taken into account. The SKF Group's strategic decision opens up opportunities for both business units - Industrial and Automotive - to develop forward independently of each other.

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