Home Blog Skf Says Wont Reach Automotive Unit Target In 08

Skf Says Wont Reach Automotive Unit Target In 08

Release time : 2015-06-12 10:25:13
World number one Ball bearings maker SKF's (SKFb.ST: Quote, Profile, Research, Stock Buzz) top executive said on Thursday that its automotive business was unlikely to reach its target of an operating margin of 6 to 7 percent this year. "Unfortunately I've got to say that we will not hit our between 6 and 7 percent margin (target) of Stainless Steel Bearings for the year," SKF Chief Executive Tom Johnstone told Reuters after the group issued its third-quarter earnings report. The automotive division such as Water Pump Bearings posted an operating margin of 5.7 percent in the third quarter, up from 5.6 percent in the corresponding period of last year.