Swedish bearings giant buys US firm Kaydon
The Local · 5 Sep 2013, 13:47
Published: 05 Sep 2013 13:47 GMT+02:00
- SKF stock climbs on profits surprise (16 Jul 13)
- Swedish ball-bearing giant slashes 2,500 jobs (14 Jan 13)
- Sweden's SKF in EU ball bearing probe (09 Nov 11)
SKF, which will pay a 22-percent premium on Kaydon's closing stock price Wednesday on the New York Stock Exchange, highlighted in a statement the "complementary nature of their products and technologies."
SKF, which also makes sealants, is an important supplier to many parts of the industrial processing chain.
Kaydon reported sales of $475 million in 2012, or about a 20th of SKF's sales.
"This acquisition, combined with our other activities, investments and acquisitions in the last few years, shows our strong commitment to the North American market," SKF said.
The transaction, which has been approved by the two companies' boards, will
be an all-cash transaction and includes $95 million of debt.