SKF Strengthens Global Lubrication Business with Acquisition of US Based Lincoln Industrial
Resource from: SKF Likes:2956
Oct 21,2010
(October 20, 2010)
SKF, the leading knowledge engineering company, has signed an agreement to acquire leading US based lubrication systems provider, Lincoln Holdings Enterprises Inc., in a move to strengthen still further its product offering and range of services. SKF is purchasing the business for USD 1 billion on a cash and debt free basis from Harbour Group, a privately owned operating company based in St Louis, Missouri, USA.
Established over 100 years ago, Lincoln Industrial, as it will now be known, employs around 2,000 people in the design, manufacture and supply of precision engineered lubrication systems, tools and equipment. The company has a global presence, with around 50% of its sales generated in North America, 25% in Europe and 20% in Asia, with manufacturing operations on each continent. In 2010, Lincoln Industrial is expected to generate sales approaching USD 400 million, with an operating profit margin of around 24%.
Including its market leading brands Lincoln, Alemite and Reelcraft, Lincoln Industrial's three main product lines comprise automated lubrication systems, hose reels, and grease guns, with a focus on grease based systems. Most of Lincoln's current business is generated from automated lubrication systems and its major end markets include industrial, energy, off highway, mining, agriculture and steel, enabling SKF to extend significantly its product offering and associated expertise and support in these key sectors.
SKF's President and CEO, Tom Johnstone, commented, "Lubrication systems is a particularly important business for SKF and also one of our key technology platforms. Combined with our other platforms it enables us to help our customers reduce friction and energy consumption. We have been building our lubrication systems business steadily in recent years and our team has succeeded in developing this to form an essential part of the SKF Group. The acquisition of Lincoln Industrial, combined with our existing products and services, will now significantly improve our ability to support customers around the world with high quality lubrication solutions. We have been following the success of Lincoln Industrial over a number of years and I am delighted that the Lincoln team will soon be joining the SKF Group."
Bart A Aitken, President and CEO of Lincoln, said, "We are excited that SKF has acquired Lincoln Industrial and look forward to fully supporting the further development of the Group. As a company, we have developed exceptionally well over a number of years with particularly strong growth and financial performance. The combination of Lincoln Industrial with the current SKF lubrication systems business and customer base will provide significant growth and value creation opportunities."
The transaction is subject to relevant regulatory approvals.
(SKF)
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