Swedish bearings maker SKF stated on Friday it will depart Russia and take a write-down of 500 million crowns ($52.4 million) within the second quarter. Sales in Russia accounted for roughly 2% of the corporate’s complete gross sales in 2021.
“We have concluded that it is impossible for us to continue our operations in Russia, as the basis and stability for our business do not exist,” SKF CEO Rickard Gustafson stated in an announcement. SKF stated it meant to divest the enterprise “in a controlled manner” with the ambition of guaranteeing a future for its staff in Russia. ($1 = 9.5416 Swedish crowns)
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Sweden’s SKF to exit Russia, take 500 million SEK write-down & More Latest News Update
Sweden’s SKF to exit Russia, take 500 million SEK write-down & More Live News
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Sweden’s SKF to exit Russia, take 500 million SEK write-down & More News Today
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