GOTHENBURG, Sweden, April 14, 2025 /PRNewswire/ -- SKF has completed the previously announced divestment of its ring and seal operation in Hanover, Pennsylvania, USA, to Carco PRP Group for a total enterprise value of USD 215 million, corresponding to approximately SEK 2.1 billion. The divestment will result in a capital gain amounting to approximately SEK 0.8 billion in 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," says Rickard 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.

The Hanover divestment is in line with SKF's strategic review of its aerospace business, communicated on 27 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 in Elgin, Illinois, USA, also identified as non-strategic but smaller than Hanover.

Previous press release on similar topics:
29 October 2024: SKF divests non-core aerospace operation for USD 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

This information was brought to you by Cision http://news.cision.com

https://news.cision.com/skf/r/skf-completes-previously-announced-divestment-of-its-ring-and-seal-operation-in-hanover--usa,c4135329

The following files are available for download:


     
     https://mb.cision.com/Main/637/4135329/3387500.pdf                             20250414 SKF completes previously announced divestment of its ring and
                                                                                        seal operation in Hanover, USA



     
     https://news.cision.com/skf/i/narbild-lager,c3398908                         
     närbild lager



     
     https://news.cision.com/skf/i/rickard-gustafson-jpg-highpreview-800,c3398907 
     Rickard Gustafson jpg highpreview 800

View original content:https://www.prnewswire.co.uk/news-releases/skf-completes-previously-announced-divestment-of-its-ring-and-seal-operation-in-hanover-usa-302427387.html

Tags

More Like This

SKF divests non-core aerospace operation for USD 220 million

SKF completes previously announced divestment of non-core aerospace operation in Elgin, USA

SKF divests non-core aerospace operation in Elgin, USA

SKF concludes strategic review of Aerospace business; strengthens its core business

SKF redesigns Industrial organization to increase competitiveness

SKF initiates a separation of its Automotive business

SKF consolidates its manufacturing footprint in Americas to strengthen operations

SKF announces new business segments and releases restated figures