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For the corporation that used to be named Smith, Kline & French, see GlaxoSmithKline
AB SKF
Type Public (OMXSKF B)
Founded 1907
Headquarters Gothenburg, Sweden
Key people Leif Östling (Chairman of the board), Tom Johnstone (President and CEO)
Industry Manufacturing
Products Bearings, linear motion products, seals, lubrication systems, maintenance products, grease
Revenue SEK 63,361 million (2008)[1]
Operating income SEK 7,710 million (2008)[1]
Profit SEK 4,741 million (2008)[1]
Employees 44,800 (2008)[1]
Website www.skf.com

SKF, Svenska Kullagerfabriken AB, later AB SKF, is a Swedish bearing company founded in 1907, supplying bearings, seals, lubrication and lubrication systems, maintenance products, mechatronics products, power transmission products[1] and related services globally.

Contents

History

SKF self-aligning ball bearing.

The company was founded on Sven Wingqvist's 1907 Swedish patent No. 25406, a multi-row self-aligning radial ball bearing. The Patent was granted on June 6 in Sweden coinciding with patents in 10 other countries. The new ball bearing was successful from the outset. By 1910, the company had 325 employees and a subsidiary in the United Kingdom. Manufacturing operations were later established in multiple countries.

By 1912, SKF was represented in 32 countries and by 1930, a staff of over 21,000 were employed in 12 manufacturing facilities worldwide. Assar Gabrielsson, SKF sales manager and Björn Prytz, Managing Director of SKF were the founders of Volvo AB in 1926. In the beginning, the company functioned as a subsidiary automobile company within the SKF group. SKF funded the production run of the first thousand cars, built at Hisingen, in Gothenburg, beginning in 1927. SKF used one of the company's trademarked names: AB Volvo, which derives from the Latin "I roll", with its obvious connotations of bearings in motion. The ownership of Volvo lasted until 1935 when the last shares were divested. In the 1970’s SKF embarked on a massive production rationalization program in Europe. A visionary project, "Production Concept for the 80’s" was launched with the aim to run the night shifts practically unmanned. To increase productivity and safeguard the product quality, a continuous, automatic flow of bearing rings was needed. This is why the Flexlink multiflex plastic chain conveyor system was developed. The ownership of FlexLink lasted until 1997.

Present day business

SKF corporate headquarters in Gothenburg.
SKF in Gothenburg.

Today, SKF is the largest bearing manufacturer in the world and employs approximately 40,000 people in approximately 100 manufacturing sites that span 70 countries [1]. Turnover for FY2005 was SEK49,285 million, and total assets were SEK40,349 million. The SKF Group currently consists of approximately 150 companies including the seal manufacturer Chicago Rawhide. Since its founding, SKF's company headquarters have been located in Gothenburg. One recent acquisition was that of Economos, part of Salzer Holding, an Austria-based seal company, Jaeger Industrial and ABBA, Taiwanese manufacturers of linear actuators.

The company's clients include General Electric, Rolls-Royce plc and Pratt and Whitney. It also supplies bearings for Ferrari racing vehicles, used in Formula One races [2], and is a sponsor of F1.

SKF employs a Six Sigma business approach. CEO Mr. Tom Johnstone was recognized as the Premier Six Sigma Leader of the year (2006) in Europe by the International Society of Six Sigma Professionals.[2]

SKF currently sponsors Richard Childress Racing and Jeff Burton in the NASCAR Sprint Cup Series.

See also

Company history references

  • SKF - The history of a Swedish Export Industry, 1907-1957, by Birger Steckzén, 1957. (Swedish language only).

References

  1. ^ a b c d e "Annual Results 2008". SKF. http://investors.skf.com/files/press/skf/200901292108-2.pdf. Retrieved 2009-03-10.  
  2. ^ "First European Six Sigma Leadership Award". Cision Wire. http://www.cisionwire.com/skf/first-european-six-sigma-leadership-award-goes-to-skf-ceo-tom-johnstone-1. Retrieved 2009-03-05.  

External links

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