SKF and Daimler AG (Daimler) have today entered into a settlement agreement with respect to their dispute before the regional court Nuremberg-Fuerth in Germany regarding damage claims resulting from the European Commission’s decision on the violation of European competition rules with respect to automotive bearings. Daimler initiated this lawsuit against SKF GmbH in June 2017. The parties agreed to treat details of the settlement as confidential.

This settlement is not an admission of liability for damages, but is made in order to enable SKF and Daimler to continue their long-standing commercial relationship.

The settlement will have an insignificant impact on the financial position of the Group.