On June 17, 2020, SKF is making additional investments to strengthen its ball bearing manufacturing business in China. This move is in line with the group's manufacturing strategy of "regional resources serving regional markets".

The SKF Group announced in June 2019 that it will invest SEK 370 million to build a new plant in Xinchang. With the Xinchang plant being put into use, SKF will invest an additional 400 million Swedish kronor in its expansion.

Tang Yurong, President of Industrial Sales in Asia, said: "In the past two years, thanks to our engineering capabilities and the first phase of investment in the Xinchang plant, we have achieved great success in China, the world’s largest deep groove ball bearing market. A new round The investment will enable us to provide more products for a wider range of applications and better serve customers."

Kent Viitanen, President of Bearing Business, said: "This investment is part of our strategic ambition to strengthen our regional manufacturing business layout. After we successfully completed our initial investment in the Xinchang plant, the expansion of the plant is the next step to strengthen our ball bearing manufacturing capabilities in China. "The second phase of the Xinchang plant is expected to be put into use at the end of 2021.

Enterprise Introduction——SKF Group

SKF's mission is to become the undisputed leader in the bearing industry. SKF provides products and solutions related to rotating shafts, including bearings, seals, lubrication, condition monitoring and maintenance services. SKF has operations in more than 130 countries around the world, with approximately 17,000 distribution outlets. In 2018, the group's annual sales reached 85.713 billion Swedish kronor and the number of employees was 44,428.

SKF entered China in 1912. By adapting the successful experience and knowledge gained by the SKF Group in different industries around the world to local conditions, SKF achieved rapid development in China. Currently, SKF has more than ten production bases, 18 regional sales offices in China, as well as established technical centers and distribution centers in Northeast Asia, and has more than 200 authorized distributors.