RPT-SKF to increase cost focus against an uncertain macro backdrop [Reuters]
SKF AB S/ADR (SKFRY)
NASDAQ:AMEX Investor Relations:
skf.com/group/investors/investor-relations
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Source: Reuters
RPT-SKF to increase cost focus against an uncertain macro backdrop | Reuters 3 Min Read (Repeats Wednesday story with no changes to text) By Johannes Hellstrom STOCKHOLM, Nov 14 (Reuters) - Swedish industrial bearings maker SKF needs to increase its focus on cost-cutting to stay “ahead of the curve” in an uncertain macroeconomic environment, Chief Executive Alrik Danielson told Reuters in an interview on Wednesday. Danielson also stuck with the company’s forecast for slightly higher year-on year demand in the fourth quarter. With car sales in China and Europe slipping, and manufacturing purchasing manager indices in those markets trending lower, the fear is that the industrial market is next in line to take a hit. Financial markets are on edge for signals of weakening demand, and investors have relentlessly sold off industrial stocks over the past few months. “You have import duties and you have cost inflation with rising steel prices, while the duties and other things increase the un
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