Swedish supplier SKF signed a 5.2 billion Swedish crown ($752 million) deal with a Chinese truck group on December 19. SKF said the seven-year deal would see it supply truck hub units, tapered roller bearings and seals for China National Heavy Duty Truck Group Corp. (CNHTC).
“China is a key growth market for the SKF Group. The factory under construction in Jinan, Shandong will start supplying CNHTC and other truck makers in China,” said Tom Johnstone, CEO of the company.
SKF Jinan factory will supply CNHTC with hub bearings and taper roller bearings while its Wuhu factory in Anhui supplies seals units.
SKF currently has 5,000 employees in China and just opened its 13th plant in September. The company also set up an R&D center in Shanghai to customize products for its Chinese customers.