Sweden's SKF to spin off automotive business (updated)
17/09/2024 11:11
(Adds share price in 1st paragraph, revenue in 2nd paragraph)
OSLO, Sept 17 (Reuters) - Sweden's SKF SKFb.ST plans
to spin off its automotive business with a separate stock market
listing, the engineering group said on Tuesday, sending its
shares up 9% by 1010 GMT.
SKF's automotive unit in 2023 had sales of 30 billion crowns
($2.95 billion) with an adjusted operating margin of 5.6%, while
the group's other major business, the industrial segment, had
sales of 73 billion and a margin of 15.4%.
($1 = 10.1533 Swedish crowns)
(Reporting by Terje Solsvik, editing by Anna Ringstrom)
((terje.solsvik@thomsonreuters.com; +47 918 666 70;))