By Dominic Chopping

STOCKHOLM--Swedish ball-bearing maker SKF said Thursday it has entered a joint venture with Sinoma Nitride to deepen their cooperation within hybrid ceramic ball bearings.

SKF said it will hold a 30% share in the venture, which will be able to provide hybrid ceramic ball bearing products and solutions to customers in industries including electric vehicles and industrial applications such as precision machine tools.

"EVs and high-speed machinery are two of the identified high-growth segments in the group's strategic framework," SKF said.

Sinoma Nitride is a subsidiary of China National Building Materials.

Write to Dominic Chopping at dominic.chopping@wsj.com

(END) Dow Jones Newswires

June 29, 2023 09:21 ET (13:21 GMT)

Copyright (c) 2023 Dow Jones & Company, Inc.
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