SFK Signs Agreement to Plant Forests in China
Gothenburg, Sweden, 21 May 2010 -- (BUSINESS WIRE) -- SKF (STO:SKFA) (STO:SKFB)(Pink Sheets:SKFRY - News)(LSE:SKFB - News) today signed a framework agreement with the State Forestry Administration in China to plant new forests, in remote areas of the country. The project is expected to run for five years. SKF has selected the Swedish University of Agricultural Sciences (SLU), one of the leading research institutes in forestry, as a technical partner. The signing is held in connection with the kick-off of the “Sweden China Innovation Week” in Beijing that is organized to mark the 60-year anniversary of diplomatic relations between Sweden and China.
China is aiming to achieve forest coverage of more than 26% by 2050. By investing in these forests, SKF aims to bring environmental and social contributions to the local communities.