SKF's acquisition of US based bearing company now closed
SKF's acquisition of PEER Bearing Company (PEER) and its manufacturing operations in China and Thailand has now been closed.
PEER's sales 2007 amounted to almost USD 100 million and the number of employees is about 1400.
PEER is selling primarily to the North American market and to certain segments, not currently served by SKF.
PEER will be a wholly owned subsidiary of SKF Group and continue to operate independently on the market under its existing brand PEER. The business will be reported separately and included in the Group's reporting during the fourth quarter.
The acquired manufacturing plants are located in Xinchang and Changshan, China and in Rayong, Thailand. PEER's main Sales operation is in Illinois, USA.
Göteborg, 16 September 2008
AB SKF may be required to disclose the information provided herein according to the Securities Markets Act and/or the Financial Instruments Trading Act. The information was submitted for publication at 08.30 am CEST on 16 September 2008.
For further information, please contact: PRESS: Ingalill Östman, SKF Group Communication, tel: +46 31-337 3260, mobile: +46 706-973260, e-mail: email@example.com IR: Marita Björk, SKF Investor Relations, tel: +46 31-337 1994, mobile: +46 705-181994, e-mail: firstname.lastname@example.org
SKF is a leading global supplier in the areas of bearings, seals, mechatronics, services and lubrication systems. The Group's service offer includes technical support, maintenance services, engineering consultancy and training. SKF is represented in more than 130 countries and has 15,000 distributor locations worldwide. The Group's annual sales 2007 were SEK 58,559 million. The number of employees was 4