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GOTHENBURG, Sweden, Oct. 29, 2024 /PRNewswire/ — SKF is dedicated to making a extra centered and resilient corporate to grant its consumers even higher and boost up winning enlargement. As a part of the verdict from the Crew’s strategic evaluate of its aerospace industry, communicated on 27 October 2023, to concentrate on core aerospace industry and to go grounds which are non-strategic, SKF has signed an word of honour to divest its ring and seal operation in Hanover, Pennsylvania, USA.
The Hanover ring and seal operation is divested to Carco PRP Crew, via its US aerospace subsidiary, PCTI, for a complete endeavor price of USD 220 million, similar to roughly SEK 2.3 billion. The Hanover facility manufactures mechanical seals and rings, representing 2023 annual gross sales of roughly SEK 700 million.
“I’m pleased that we have been able to deliver on our prior promises and successfully reached an agreement to divest this successful but non-core business at accretive multiples. With a new owner, I’m confident that Hanover will continue to provide customers with top quality solutions. Aerospace will remain one of our largest customer industries and we will continue to invest and strengthen our position in core Aerospace segments”, says Rickard Gustafson, President and CEO.
SKF will proceed to center of attention its aerospace industry round top enlargement core grounds alike to aeroengine and aerostructure bearing offer, representing annual gross sales of roughly SEK 6 billion. The buyer providing in those core grounds will likely be additional bolstered via investments in product building, customer support and surrounding of the artwork production.
As prior to now introduced, SKF is exploring choices to go the precision elastomeric tool (PED) aerospace operation in Elgin, Illinois, USA. The PED industry may be non-strategic however smaller than Hanover and the go procedure is continuing in step with plan.
The Hanover divestment is predicted to akin all over the primary quarter of 2025, topic to government’ benevolence.
Aktiebolaget SKF
(publ)
CONTACT:
For additional data, please touch:
PRESS: Carl Bjernstam, Head of Media Members of the family
tel: 46 31-337 2517; cellular: 46 722-201 893; email: [email protected]
INVESTOR RELATIONS: Sophie Arnius, Head of Investor Members of the family
tel: 46 31-337 8072; cellular: 46 705-908 072; email: [email protected]
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https://news.cision.com/skf/r/skf-divests-non-core-aerospace-operation-for-usd-220-million,c4058168
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