SKF (=) : NSK and NTN to merge, is this creating a stronger competitor?

研报英文原文证据摘录

SKF (=) : NSK and NTN to merge, is this creating a stronger competitor?

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SKF NEUTRALPRICE* SEK235.3  TARGET PRICE SEK250 (UPSIDE 6%)

FLASH NOTE

NSK and NTN to merge, is this creating a stronger competitor?

12 MAY 2026 Securities Research Report Production time: 08:45* (London time)

Research Analyst & Publishing Entities

Andreas Koski BNP Paribas SA (+46) 85 663 9823 andreas.koski@bnpparibas.com

What happened?

SKF’s Japanese competitors NSK and NTN have reached a basic agreement to establish a joint holding company by

way of a joint share transfer and to integrate their businesses.

The business environment surrounding the Companies has seen rapid changes in recent years due to the slowdown in

China’s economic growth, weak conditions in the European manufacturing sector, as well as delays in market recovery

and increasing uncertainty resulting from the impact of U.S. tariff policies, among other factors. Growth has slowed

down in both the automotive and industrial machinery sectors, and a rapid expansion of existing markets is not expected

under the current circumstances. Intense competition within the industry and the rise of Chinese companies have

brought risk of declining market-share and falling of profitability.

Under these circumstances, the Companies have reached a shared understanding that it is necessary to pursue the

Business Integration to achieve long-term profitable growth going forward and to secure Japan’s position as an industrial

base in the world.

The companies explain that in Europe and the U.S., consolidation within the industry has concentrated market

leadership into three major companies from Sweden, Germany, and the United States. However, facing a difficult