STOCKHOLM--Swedish ballbearing maker SKF AB (SKF-B.SK) said
Friday it will take a provision of 3 billion Swedish kronor ($456
million) in its fourth-quarter results as it believes the European
Commission may impose a fine on the company for infringements of
competition law.
The previously announced investigation by the Commission regards
certain bearing manufacturers' supply of bearings to the automotive
manufacturing industry in Europe.
"I deeply regret that this has happened. Even if we believe it
has not caused any damage to our business partners, this should not
have happened and is not at all in line with the values we have" at
SKF, said Tom Johnstone, president and chief executive.
SKF expects an additional one-time cost in the fourth quarter of
around SEK100 million, around half of which is related to the
company's ongoing restructuring program.
SKF shares closed at SEK178.30 Thursday.
Write to Christina Zander at christina.zander@wsj.com
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