Sweden's SKF to exit Russia, take 500 million SEK write-down

STOCKHOLM - Swedish bearings maker SKF said on Friday it would leave Russia and take a write-down of 500 million crowns ($52.4 million) in the second quarter.

Sales in Russia accounted for roughly 2% of the company's total sales in 2021.

"We have concluded that it is impossible for us to continue our operations in Russia, as the basis and stability for our business does not exist," SKF CEO Rickard Gustafson said in a statement.

SKF said it intended to divest the business "in a controlled manner" with the ambition of ensuring a future forits employees in Russia.

($1 = 9.5416 Swedish crowns)