SKF Acquires World Leading Magnetic Bearing Company

Resource from: CBCC Likes:2969

Jul 30,2007

SKF Acquires World Leading Magnetic Bearing Company SKF has agreed to buy S2M, a subsidiary of British company Edwards Limited, a manufacturer of magnetic bearings, for 55 million euros (US$75.04 million). S2M has annual sales of 40 million euros (US$54.5 million). It is headquartered in Vernon, France.S2M focuses mainly on the European markets, with end-user segments in vacuum pumps, small air and gas compressors, turbo expanders and compressors in the oil and gas industry.S2M will be part of SKF’s Industrial Division. This is a very interesting and fast developing technology that during the last years has grown out of its development phase and now is considered a reliable alternative for some growing applications areas, says Tom Johnstone, President and CEO of SKF. We are now moving into the technologies of tomorrow and that is very exciting. The acquisition of S2M is also very complementary both geographically and from a product range point of view for SKF. For many years SKF has been shareholders in S2M and the Group also has a company in Canada, Revolve Inc, that manufactures magnetic bearings. With this acquisition the range of magnetic bearings is broadened and the magnetic bearing business is also complementary to the SKF rolling bearing product range. With this acquisition we strengthen our leading position in the bearing world and are able to offer our customers a broader product range in a fast growing market, Mr Johnstone said. S2M will be part of SKF's Industrial Division and will be included as from the third quarter in the Group's reporting. The acquisition is subject to approval by relevant authorities.

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