SKF completes previously announced divestment of its ring and seal operation in Hanover, USA

GOTHENBURG, Sweden,April 14, 2025/PRNewswire/ -- SKF has completed the previously announced divestment of its ring and seal operation inHanover, Pennsylvania, USA, to Carco PRP Group for a total enterprise value ofUSD 215 million, corresponding to approximatelySEK 2.1 billion. The divestment will result in a capital gain amounting to approximatelySEK 0.8 billionin Q2 and will be reported as Items affecting comparability.

"We are committed to create a more focused and resilient SKF to serve our customers even better and to accelerate profitable growth. Divesting this successful but non-core business at accretive multiples is an important part of this. At the same time, we continue to invest and strengthen our position in core Aerospace segments,"saysRickard Gustafson, President and CEO.

Aerospace will remain a large, strategic segment also after the divestment with a share of industrial sales corresponding to approximately 9 percent. Investments in strengthening core aeroengine and structure bearing offerings remain a priority for SKF.

TheHanoverdivestment is in line with SKF's strategic review of its aerospace business, communicated on27 October 2023, to focus on core aerospace business and to exit areas that are non-strategic. As previously announced, the Group is exploring options to exit the precision elastomeric device (PED) aerospace operation inElgin, Illinois, USA, also identified as non-strategic but smaller thanHanover.

Previous press release on similar topics:

29 October 2024: SKF divests non-core aerospace operation forUSD 220 million[link to press release]

Aktiebolaget SKF

      (publ)

For further information, please contact:

Press Relations: Carl Bjernstam, +46 31-337 2517; +46 722 201 893;carl.bjernstam@skf.com 

Investor Relations: Sophie Arnius, +46 31-337 8072; +46 705 908072;sophie.arnius@skf.com 

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SOURCE SKF