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SKF Sales Increase 15% in 4Q

Bearings manufacturer SKF reported sales for the fourth quarter of 2010 were SEK 15.4 billion (US$2.4 billion), an increase of 11 percent over the comparable prior-year period. Profit was SEK 1.35 billion (US$212 million), compared to year-ago profit of SEK 505 million (US$79.3 million).

For the full year, sales were SEK 61 billion (US$9.58 billion), up 8.5 percent over full-year 2009. Profit was SEK 5.3 billion (US$832.2 million), compared to year-ago profit of SEK 1.7 billion (US$266.9 million).

"We took a number of steps during the year to further strengthen the Group and opened three new factories and announced two more to support our development in the faster growing regions and segments," said Tom Johnstone, president and CEO. "In addition, we completed the acquisition of Lincoln Industrial which complements our existing lubrication systems business. In the fourth quarter all regions and divisions showed very good growth, as expected."

The increase in sales for the quarter was attributable to: volume 16.3 percent, price/mix 0.9 percent and currency effects -6.2 percent. For the full year, the increase was attributable to: volume 14.1 percent, price/mix 0.1 percent and currency effects -5.6 percent.

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