SKF to demerge its automotive business.

SKF, a Swedish bearing and seal manufacturing company founded in Gothenburg, Sweden, is set to demerge its automotive business into a publicly-listed company. "Both businesses are global leaders in their respective fields and will through a clearer focus increase customer value and leverage on their strategies as standalone companies. The Board of Directors and Management therefore believe that long-term value can be created by splitting the Group into two separate companies, benefiting customers, employees and shareholders," Hans Stråberg, SKF Chair of Board of Directors.