(March 18, 2011)
SKF AB (SKFB), the world’s largest maker of ball bearings, is seeing increasing demand in North America, according to the company’s regional chief.
“We see a continuation of the trend from 2010 into the first quarter,” Poul Jeppesen, the North America chief, said in a phone interview today. “The positive trend continues.”
Customers buying more bearings in the U.S., Canada and Mexico include companies in the automotive, construction, highway, agricultural and medical industries, Jeppesen said from his headquarters in Lansdale, Pennsylvania.
SKF’s revenue in North America climbed 9 percent to 10.8 billion kronor ($1.7 billion) last year, generating 18 percent of total sales, according to the Gothenburg, Sweden-based company’s annual report.
Aerospace is another industry that’s showing positive signs, said Jeppesen, who was promoted to head of North America last month after having overseen the U.S. business.
“Aerospace is getting up to speed again,” he said. “This was the last sector getting into the downturn and consequently is the last one coming out of it.”
While deliveries to wind-energy companies were a disappointment in 2010, SKF in North America is now getting more inquiries from these businesses, he said.
“We believe that market will start to move in a positive direction,” he said.
SKF has about 4,300 workers in North America excluding Mexico. It’s hiring again in the region and now has more employees than it did before the financial crisis that started in 2008, Jeppesen said.
SKF’s shares have fallen 11 percent this year, valuing it at 77.6 billion kronor.
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