SKF Sales Down 8.9% in 1Q

Company to divest its fly-by-wire and Kaydon velocity control businesses.

Swedish bearing manufacturer SKF (STO: SKFA) reported sales for the first quarter of SEK 17.7 billion (US$2.2 billion), down 8.9 percent over the same period a year ago. Profit decreased 1.8 percent to SEK 1.1 billion (US$136 million).

The company has also agreed to divest its fly-by-wire and Kaydon velocity control businesses for SEK 3 billion (US$370.9 million).

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