SKF and Sandvik sign strategic partnership agreement

Swedish bearing manufacturer SKF has signed a three-year strategic partnership agreement with Swedish engineering group Sandvik Mining and Construction, strengthening the relationship between the two companies.

Sandvik intends to hand over inventory responsibilities for SKF’s bearing and seal product range, and also to take advantage of SKF’s technical experience in product development.

The agreement is worth £33m, of which £7m is aimed at new business.

SKF will handle Sandvik Mining and Construction’s inventories of SKF products, enabling Sandvik to reduce cost of capital and to be more responsive to its customers’ needs.