Sweden’s SKF has announced it will merge its two industrial business areas, Strategic Industries and Regional Sales and Service to create a new Industrial Market division. As of January 1, 2015, SKF will operate through three business areas: Industrial Market, Automotive Market and Specialty Business.
“SKF has developed into a Knowledge Engineering Company over a number of years, successfully growing our business and improving profitability. The new, simplified organisational structure is a logical next step in our development and will strengthen our customer focus,” stated Tom Johnstone, President and CEO.
Alrik Danielson, the company’s President and CEO from 1 January 2015, will also take up the role of President, Industrial Market. “The Industrial Market business area represents approximately two-thirds of our total sales and a significant part of our profits. It is a vital part of our business and I have therefore decided to personally take responsibility for it within the Group, ensuring a smooth integration and that customers continue to benefit from the knowledge built up by our many years of investment,” stated Danielson.
Stephane Le-Mounier will lead the Automotive Market business area from 1 January 2015 and Patrick Tong has been appointed President, Specialty Business and a member of SKF’s Group Management.
In conjunction with the reorganization, Rakesh Makhija and Vartan Vartanian, Presidents of the current Strategic Industries and Regional Sales and Service business areas, will leave SKF’s Group Management. Both will continue as senior advisors, supporting the CEO during the reorganisation process.