SKF is increasing its technical and manufacturing capabilities within magnetic bearings through an investment totaling SEK 50 million. Accordingly, the subject of the new funding is the company’s manufacturing site in Tangier, Morocco.
The new site will ramp up operations during the second quarter and once fully operational, will help meet growing demand for magnetic bearings, which have a few applications within turbomachinery and other high-speed applications, including hydrogen gas liquification and for oil-free industrial compressors. Thomas Fröst, President, Independent & Emerging Business, says: “Magnetic bearings have played a key role in traditional energy segments for many years. As this technology is now playing a central role in green industries, we need to make sure we can maintain our leading position in terms of technical development and customer service. Our new site in Morocco is an important step in this direction.”
Magnetic bearings are one of SKF’s technology growth areas. The Group secured a record. Order intake for these products of over SEK 1 billion in 2022.
SKF is a world-leading provider of innovative solutions that help industries become more competitive and sustainable. Particularly, it leverages on making products lighter, more efficient, longer lasting, and repairable. In addition, it helps its customers improve rotating equipment performance and reduce their environmental impact.
The company offers around the rotating shaft includes bearings, seals, lubrication management, condition monitoring, and services. Founded in 1907, SKF has presence in approximately 130 countries and has around 17,000 distributor locations worldwide. Annual sales in 2022 were SEK 96,933 million and the number of employees was 42,641.