SKF, Daimler Settle Dispute Over Damage Claims

By Adria Calatayud

SKF AB (SKF-B.SK) said Friday that it has settled a legal dispute in which Daimler AG (DAI.XE) claimed damages resulting from a EU decision on the violation of European competition rules.

The Swedish ball-bearing maker said the agreement will enable both companies to continue their longstanding relationship. The settlement will have an insignificant impact on SKF's financial position, the company said. It didn't provide any details on the settlement, citing confidentiality.

The agreement isn't an admission of liability for damages, SKF said.

Daimler initiated the lawsuit against SKF in June 2017, following a decision by the European Commission--the EU's executive arm--in March 2014 that covered violations of EU competition rules with respect to sales of bearings to the automotive industry, the Nordic company said.

Daimler wasn't immediately available to comment.

Write to Adria Calatayud at adria.calatayudvaello@dowjones.com

(END) Dow Jones Newswires

November 30, 2018 12:03 ET (17:03 GMT)

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