Value creation and R&D
SKF has been a leading technology provider for more than 100 years and is increasing its investment to maintain this leadership. SKF’s fundamental strength is its ability to continuously develop technology, products and services that enhance competitive advantages for its customers while giving the right return on investment for its shareholders. This is achieved by both investing and combining the knowledge across the SKF technology areas – Bearings and Units, Seals, Mechatronics, Services and Lubrication Systems – to develop value propositions for the different industries and customers around the world. A key driver of SKF’s technology development today is an increased focus on developing products and services which improve efficiency and reduce energy losses, thereby helping to reduce the environmental impact both in its operations and for its customers. SKF is also increasingly supporting its customers throughout their whole asset life cycle management process.
The Group is increasing its activities in the R&D arena by focusing more on new products and services that have a positive impact on the environment. In addition there has been a greater concentration on strengthening core technologies, launching new products, increasing R&D activities in rapidly developing regions and further strengthening links with universities and technical colleges.
SKF has a strong global network of R&D centres and laboratories, as well as established collaboration agreements with major universities and research institutes.
R&D expenditure in 2016, excluding developing IT solutions, totalled SEK 2,246 million (2,372), corresponding to 3.1% (3.1) of annual sales.