Sweden’s SKF Group, the world’s largest bearing company, saw its first quarter 2022 sales increase by 15% year-on-year to SEK 7.2 billion and net profit surge 26%, driven by recovering demand in major markets. This performance improvement is attributable to the company’s sustained strategic investments in areas like intelligent manufacturing.
In an interview, SKF Group CEO Aldo Piccinini said SKF is promoting innovative products such as smart bearings globally, and achieving product lifecycle management through industrial internet technologies, not only improving product performance but also greatly reducing operating costs. SKF’s factories in China are a prime example of its digitalization and automation efforts, achieving remarkable results like 20% higher output and 60% fewer quality defects through data connectivity and information sharing.
SKF is building new smart factories in Italy, France, Germany and elsewhere, and will continue expanding investment in similar plants going forward. Meanwhile, SKF is applying digital technologies to product innovation and developing many groundbreaking smart bearing products.
Leveraging competitive advantages stemming from its advanced manufacturing technologies, SKF has validated tremendous growth potential through its earnings results. Aldo Piccinini said SKF remains committed to digital transformation and will secure its global leadership in bearings through strong innovation capabilities.
Post time: Sep-13-2023