SKF divests linear and actuation technology business
2018 July 31, 14:00 CET
Gothenburg, 31 July 2018: SKF has signed an agreement to divest its linear and actuation technology business to Triton. The total consideration of the deal is SEK 2.75 billion, on a cash- and debt free basis and it is expected to close during the end of 2018.
The divestment is subject to regulatory approvals and involves consultation with employee representative bodies.
Christian Johansson, Senior Vice President and CFO, says: “Having successfully developed this as a stand-alone entity, it will now have an ownership structure that is able to invest in its continued development. The transaction also represents value for us and our shareholders by strengthening our balance sheet and focusing our product portfolio.”
The divestment announced today is part of the Group’s efforts to focus on its core business and value propositions around the rotating shaft. In total, these divestments have now raised approximately SEK 6.7 billion.
In 2017, SKF’s linear and actuation technology business had approximately 1,200 employees and sales of SEK 2 billion.
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 17,000 distributor locations worldwide. Annual sales in 2017 were SEK 77 938 million and the number of employees was 45 678. www.skf.com
® SKF is a registered trademark of the SKF Group.
The Triton funds invest in and support the positive development of medium-sized businesses headquartered in Europe, focusing on businesses in the Industrial, Business Services and Consumer/Health sectors. Triton seeks to contribute to the building of better businesses for the longer term. Triton and its executives wish to be agents of positive change towards sustainable operational improvements and growth. The 35 companies currently in Triton's portfolio have combined sales of around €13 billion and around 87,000 employees. The Triton funds are advised by dedicated teams of professionals based in Germany, Sweden, Norway, Finland, Denmark, Italy, the United Kingdom, the United States, China, Luxembourg and Jersey.
For more information: www.triton-partners.com