GOTHENBURG, Sweden, June 16, 2017 /PRNewswire/ -- SKF has signed an agreement, subject to regulatory approvals, to divest Reelcraft, a manufacturer of hose, cord and cable reels for industrial applications, to Madison Industries.
The total consideration of the divestment is USD 115 million on a cash-free and debt-free basis and the divestment is expected to close during Q3 2017.
Reelcraft joined SKF as part of the acquisition of Lincoln Industrial in 2010 and is headquartered in Indiana, USA. Reelcraft's sales in 2016 amounted to approximately USD 55 million.
Previous press releases on similar topics:
26 April 2016: SKF divests Kaydon velocity control business
[link to press release]
17 March 2016: SKF divests fly-by-wire business
[link to press release]
17 August 2015: SKF divests metal joining business
[link to press release]
30 June 2015: SKF divests filtration businesses
[link to press release]
5 May 2015: SKF completes divestment of Erin Engineering
[link to press release]
For further information, please contact:
PRESS: Theo Kjellberg, Director, Press Relations
tel: +46-31-337-6576, mobile: +46-725-776576, e-mail: theo.kjellberg@skf.com
INVESTOR RELATIONS: Patrik Stenberg, Head of Investor Relations
Patrik Stenberg, +46-31-337-2104; +46-705-472-104; patrik.stenberg@skf.com
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http://news.cision.com/skf/r/skf-divests-reelcraft,c2289894
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