The Gothenburg-based manufacturer of bearings and seals has appointed Gunnar Gremlin to be responsible for the Chinese market, effective in September.
Gremlin has been chairman of the board of directors at the German SKF GmbH in Schweinfurt. His successor in Germany will be Christer Gyberg.
SKF already has four joint ventures in China. Three produce anti-friction bearings and one manufactures seals. SKF's most important customer in China is the Volkswagen Group. Gremlin said the Swedish company only plans to produce components for the Chinese market and has no plans to export parts to other markets.
In 2002 SKF had a worldwide revenue of 42.43 billion Swedish kronors (4.6 billion euros). Asia accounted for approximately 15 percent of global revenue. The group plans to increase revenue by more than 1 billion euros by 2005-2006. It hopes to achieve this through natural growth and further acquisitions, Gremlin said. But SKF will not rush and will emphasize "profitable growth," Gremlin said.
But the first half isn't going according to plan. Profit before tax fell from 1.7 billion Swedish kronors in the first half of 2002 to 1.6 billion Swedish kronors in the same period this year.