SKF to build plant in Morocco for magnetic bearings

STOCKHOLM, May 22 (Reuters) - Sweden's SKF (SKFb.ST) is investing 50 million crowns ($4.9 million) in a magnetic bearings factory in Tangier in Morocco, the company said on Monday.

"The new site will ramp up operations during the second quarter and once fully operational, will help meet growing demand for magnetic bearings," the world's biggest bearings maker said in a statement.

Magnetic bearings has applications within turbomachinery and other high-speed applications such as hydrogen gas liquification and oil-free industrial compressors, it said.

($1 = 10.1526 Swedish crowns)

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