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The eBearing News
November 15, 2004
SKF India Reports Third Quarter
2004 Results, Expansion Plans
copyright © 2004 eBearing Inc.
SKF India Ltd. (formerly SKF Bearings India, a publicly-traded, 54%-owned subsidiary of SKF AB, Sweden)
announced strong third quarter 2004 results, along with expansion plans for the future.
The company indicated it has taken on a more aggressive
expansion track, now officially targeting market growth by acquisition in addition to organic sales growth.
SKF is the largest bearing manufacturer in India, with an overall 29% market share across OEM and
replacement sales.
Third quarter sales were up 26%, to Rs 1.5 billion (USD $33.3 million), from Rs 1.2
billion ($26.7 million) a year ago.
Net profits were even stronger, up 70%, at Rs 153 million ($3.4 million), from Rs 90 million ($2 million) in 2003.
The Press Trust of India quotes an unnamed company director, saying SKF wants to be more involved with
the domestic Indian automobile manufacturing industry as a growing market opportunity. To that end, SKF India
is primarily seeking automotive bearing-related acquisitions.
Sune Axelsson, SKF Director of Finance, said SKF India is operating on a target sales growth rate for
the current fiscal year of no less than 25%.
Earlier this year, SKF India acquired the 50-employee Vibration Engineers and Consultants
Pvt. Ltd., in an effort to leverage its market position and diversify into more value-added services
as it has done in other countries and markets.
• article: SKF India acquires Vibration Engineers
"We continue our focus on providing complete solutions to our customers. Our new Global Application
Development Center in Bangalore is nearing completion and will help us bring new products faster to
the market. We are also putting our organization in place to market Lubrication Systems, as a result of
Willy Vogel’s acquisition into the SKF Group," said Rakesh Makhija, Managing Director, SKF India Ltd.
SKF employs over 2,000 people in three manufacturing facilities in India. While the automotive, two-wheeler
and export markets account for a growing proportion of sales,
the company is also focusing on increasing sales through its network of 225 distributors across the country.
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- by Bruce A. Carr
from individual research,
tips and commercial sources.
Bruce Carr edited this content.
Copyrighted material; unauthorized reproduction prohibited.
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eBearing.com ... for everything that moves™
Entire contents Copyright © 1999-2011, eBearing Inc. All rights reserved.
eBearing.com and "... for everything that moves" are registered trademarks of eBearing Inc.
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