GOTHENBURG, Sweden, July 31, 2018 /PRNewswire/ -- SKF has signed an agreement to divest its linear and actuation technology business to Triton. The total consideration of the deal is SEK 2.75 billion, on a cash- and debt free basis and it is expected to close during the end of 2018.
The divestment is subject to regulatory approvals and involves consultation with employee representative bodies.
Christian Johansson, Senior Vice President and CFO, says: "Having successfully developed this as a stand-alone entity, it will now have an ownership structure that is able to invest in its continued development. The transaction also represents value for us and our shareholders by strengthening our balance sheet and focusing our product portfolio."
The divestment announced today is part of the Group's efforts to focus on its core business and value propositions around the rotating shaft. In total, these divestments have now raised approximately SEK 6.7 billion.
In 2017, SKF's linear and actuation technology business had approximately 1,200 employees and sales of SEK 2 billion.
Aktiebolaget SKF
(publ)
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-linear-and-actuation-technology-business,c2583700
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