SKF Exploring Options to Divest Ovako

SKF AB (Sweden) announced that it, along with partners Rautaruukki Corporation and Wärtsilä Corporation are exploring options to partially or totally divest their ownership of steelmaker Ovako Oy. Ovako Oy was created in May 2005, when the three companies combined their steel businesses into a single company. Rautaruukki owns 47%, SKF 26.5%, and Wärtsilä 26.5%. It is reportedly going to take until 2009 before all 16 steel businesses and 4,600 employees are fully integrated. Total sales in 2005 were approximately