SKF divests metal joining business
2015 August 17, 08:30 CEST
Gothenburg, 17 August 2015: SKF has completed the divestment of Canfield Technologies, Inc. to Gen Cap America, a private equity firm headquartered in Nashville, Tennessee.
Canfield is a manufacturer of solder, pastes and preforms for metal joining, used in the electronics, plumbing and jewellery industries and joined SKF as part of the acquisition of Kaydon Corporation in October 2013.
The total consideration of the divestment is approximately USD 23 million, on a cash- and debt-free basis.
Located in New Jersey, Canfield Technologies had sales of approximately USD 17 million in 2014 and has been operating as a stand-alone business within the SKF Group.
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SKF is a leading global supplier of bearings, seals, mechatronics, lubrication systems, and services which include technical support, maintenance and reliability services, engineering consulting and training. SKF is represented in more than 130 countries and has around 15,000 distributor locations worldwide. Annual sales in 2014 were SEK 70 975 million and the number of employees was 48 593. www.skf.com
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