The industries and regions in which SKF operates are being impacted by initiatives by authorities and SKF’s customers related to the spread of the Covid-19 virus.
As a result of this significant level of uncertainty, SKF is taking major steps to reduce the impact of the situation on its operations, including closure of sites, reducing costs, number of employees and increasing flexibility within the workforce.
There is a considerable risk of a material financial impact on SKF from the end of March. With the high levels of uncertainty surrounding the situation and potential additional initiatives by authorities and SKF’s customers, it is very difficult to predict the full financial impact that the situation may have on SKF.