SKF buys majority in NSK aerospace bearing business
Gteborg, Sweden -- Feb. 19, 2002 -- SKF has signed a letter of intent with NSK to acquire 75 per cent of the share...
Gteborg, Sweden — Feb. 19, 2002 — SKF has signed a letter of intent with NSK to acquire 75 per cent of the shares in NSK Aerospace Europe Ltd. at Stonehouse, UK.
NSK Aerospace designs, manufactures and sells bearings for main shafts and gearboxes for jet engines. Total sales amounted to SEK 230 million during 2001 and the number of employees is over 260.
In the letter of intent it is also stipulated that SKF will acquire the remaining 25 per cent of the shares in 2005. Once an agreement is reached and SKF acquires the 75 per cent, the company will change its name to Aeroengine Bearings UK.
With this acquisition, SKF strengthens its position as a supplier to European aeroengine manufacturers, especially Rolls Royce (the company’s main customer), says Kaj Thorn, president, SKF Aero and Steel Division. “We already have a strong position as supplier to the North American aeroengine manufacturers.”
SKF Aerospace business comprises MRC and CR Aerospace in the US, SKF Avio in Italy, SARMA in France and AMPEP in the UK. The main customers served by the division are General Electric, Pratt & Whitney, Snecma, Boeing and Airbus.