However, SKF Automotive’s net sales in 2013 amounted to SEK 17,421 million, an increase of 1.7% over 2012 (SEK 17,123 million).

SKF was impacted by the overall market demand and sales were slightly down organically but improved as the year went on. In Europe and North America organic sales were slightly down while in Latin America we recorded strong growth in our business,” said CEO Tom Johnstone. “ Both Asia and the Middle East & Africa recorded modest growth.

Steady growth

“The trend of a somewhat improving macro development which we felt as we went through 2013 is expected to continue into 2014 making it a slightly better year. There are differences in growth in the regions with the more traditional developed markets having, it seems, somewhat more momentum than the newer developing markets. However, assuming no major shocks we expect, from a macro viewpoint, steadily and gradually growth in most regions of the world.”