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SKF announces equity transaction

1st Quarter 2017 News & events

SKF South Africa has signed a black economic empowerment (B-BBEE) ownership agreement with black women-owned Golelo Trust. “Statistics show that black women engineers are still disproportionately under-represented in the workforce. SKF sees the education and development of black women engineers as crucial for the future of our industry, as well as the country as a whole,” says Ian Cillié, managing director of SKF South Africa.

From l: Dr Namane Magau, independent trustee; Corlé Grobler, trustee and SKF sub-Saharan Africa HR manager; Dr Nomonde Mabuya, independent trustee; Ian Cillié, SKF managing director.
From l: Dr Namane Magau, independent trustee; Corlé Grobler, trustee and SKF sub-Saharan Africa HR manager; Dr Nomonde Mabuya, independent trustee; Ian Cillié, SKF managing director.

The goals of South Africa’s B-BBEE Act align with SKF’s global ‘SKF Care’ approach to running its business in a responsible manner. SKF recognises the importance of contributing to all elements of the B-BBEE scorecard and has, since 2010, been meticulously working on all elements within its control. In 2013 SKF turned its attention to ownership. This culminated in the establishment of Golelo Trust. Golelo means ‘growth’ in Tswana and perfectly portrays the aim of the Trust: ‘To grow and empower black women and thereby the economy and country through education and development’.

“We are extremely excited and look forward to making a contribution to the South African economy through the empowerment of black women as the future leaders our of country,” concludes Cillié, confirming that the first engineering bursaries for black women will be granted in the 2017 academic year. For more information contact Samantha Joubert, SKF South Africa, +27 (0)11 821 3500, samantha.joubert@skf.com, www.skf.co.za



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