Focus on core business
SKF sells linear technology and actuator business units
SKF has signed an agreement with Triton to divest its linear technology and actuators business.
The purchase price amounts to SEK 2.75 billion (approx. EUR 265 million; ECB reference rate from August 1, 2018) and does not include financial liabilities and cash. The transaction is expected to be completed by the end of 2018. The sale is subject to the approval of the supervisory authorities and is being carried out in consultation with employee representatives.
Christian Johansson, Senior Vice President and CFO, comments: "Following its successful development into an independent unit, the division will now have a new ownership structure that will enable it to continue its development. The sale also adds value for us and our shareholders by improving our balance sheet and sharpening our product portfolio."
The sale announced today contributes to the SKF Group's goal of focusing on its core business around rotating applications and generating added value in this area. The proceeds from the sales made in this context amount to a total of around SEK 6.7 billion. In the 2017 financial year, the Linear Motion and Actuators division employed around 1,200 people worldwide and generated sales of around SEK 2 billion.
The Triton funds invest in medium-sized companies based in Europe and support their positive development. They focus on companies in the industrial, services and consumer goods/healthcare sectors. According to the company, Triton's aim is to successfully develop its portfolio companies in the long term through partnership-based cooperation. Triton and its management strive to generate positive change and growth through the sustainable improvement of operational processes and structures. Triton's portfolio currently comprises 35 companies with a total turnover of around EUR 13 billion and around 87,000 employees.
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