KYIV, April 26 – Bearing manufacturer JSC SKF Ukraine (Lutsk), part of Swedish SKF Group, continues to work, but the volume of production is much lower given the circumstances that have developed since the start of Russia's military aggression in Ukraine, the group reports.

In Ukraine we continue to be operational whenever possible given the prevailing circumstances, however at a lower level than normal," SKF's first quarter 2022 financial report released on Tuesday said.

As reported, with the beginning of Russia's invasion of Ukraine, the plant in Lutsk, which accounts for about 1% of total production of SKF Group, was suspended. In 2021, SKF sales in Ukraine accounted for 0.5% of the group's total sales.

The SKF Ukraine plant in Lutsk produces roller and needle bearings, as well as wheel assemblies for heavy/commercial vehicles.

The number of employees of the enterprise as of the beginning of this year is about 1,100 people.

According to the latest published financial report of the enterprise in the disclosure system of the National Securities and Stock Market Commission, in 2017 its net income amounted to almost UAH 2 billion, and net profit – UAH 214 million.

SKF is present in more than 130 countries and has about 17,000 distributors worldwide. The group's annual sales in 2021 amounted to SEK 81.732 billion (9% more than a year earlier), the number of employees is 42,600 people.

According to the report, the group's net sales for the first quarter of 2022 amounted to SEK 22.94 billion (versus SEK 19.87 billion for the first quarter of 2021), in the industrial segment the increase was 11%, while in the automotive segment it decreased by 3%. (om/ez)