SKF completes previously announced divestments
Resource from: SKF Likes:165
Jul 01,2016
Gothenburg, 30 June 2016: SKF has completed the previously announced divestments of its fly-by-wire business to LORD Corporation and its Kaydon velocity control business to Stabilus.
The total consideration of the fly-by-wire divestment is EUR 39 million. The total consideration of the Kaydon velocity control divestment is USD 339 million. Both transactions are on a cash- and debt-free basis. The cash flow impact from these two divestments, net after tax payment, is estimated at around SEK 2 800 million. The net income effect is estimated at around SEK -350 million, which refer primarily to tax costs. These will be accounted for during Q2 2016.
The fly-by-wire business, which manufactures cockpit control systems, sensors, dampers and electromechanical actuators had annual sales in 2015 of EUR 37 million, and 150 employees.
The Kaydon velocity control business, which includes the ACE, Hahn Gasfedern, Fabreeka and TechProducts brands, had sales in 2015 of approximately USD 120 million and 550 employees.
Aktiebolaget SKF
(publ)
For further information, please contact:
PRESS: Theo Kjellberg, Director, Press Relations
tel: +46 31 337 6576, mobile: +46 725-776576, e-mail: theo.kjellberg@skf.com
INVESTOR RELATIONS: Patrik Stenberg, Head of Investor Relations
Patrik Stenberg, +46 31-337 2104; +46 705-472 104; patrik.stenberg@skf.com
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 2015 were SEK 75 997 million and the number of employees was 46 635. www.skf.com
® SKF is a registered trademark of the SKF Group.
(SKF)
【CBCC News Statement】
1.The news above mentioned with detailed source are from internet.We are trying our best to assure they are accurate ,timely and safe so as to let bearing users and sellers read more related info.However, it doesn't mean we agree with any point of view referred in above contents and we are not responsible for the authenticity. If you want to publish the news,please note the source and you will be legally responsible for the news published.
2.All news edited and translated by us are specially noted the source"CBCC".
3.For investors,please be cautious for all news.We don't bear any damage brought by late and inaccurate news.
4.If the news we published involves copyright of yours,just let us know.
BRIEF INTRODUCTION
Cnbearing is the No.1 bearing inquiry system and information service in China, dedicated to helping all bearing users and sellers throughout the world.
Cnbearing is supported by China National Bearing Industry Association, whose operation online is charged by China Bearing Unisun Tech. Co., Ltd.
China Bearing Unisun Tech. Co., Ltd owns all the rights. Since 2000, over 3,000 companies have been registered and enjoyed the company' s complete skillful service, which ranking many aspects in bearing industry at home and abroad with the most authority practical devices in China.
