SKF’s acquisition of SNFA finalized
Gteborg, Sweden -- SKF has acquired SNFA SAS of Paris, France, a manufacturer of bearings for aerospace and machin...
Gteborg, Sweden — SKF has acquired SNFA SAS of Paris, France, a manufacturer of bearings for aerospace and machine tool applications, after approvals from the European Commission and the French Ministry of Economy.
SNFA’s sales in 2005 amounted to 82 million Euros with an operating margin of 19%. Sales in the first six months of 2006 increased 10 % compared to the same period last year.The company has 720 empmloyes.
SKF paid about 138.5 million Euros on a cash and debt free basis for 100 % of the shares of SNFA SAS.
SNFA has one manufacturing plant for aerospace bearings located at Valenciennes, outside Paris, employing 430 and two plants for manufacturing of high-precision bearings located at Turin, Italy, and Charfield, U.K. The high-precision business employs 290.
Slightly more than half of SNFA’s business is attributable to aerospace applications.
“I am very pleased that we have now finalized this acquisition and firmly believe that this is very good news for both our customers and for us,” says Tom Johnstone, president and CEO of SKF. “Our focus now will be on combining the strengths of SNFA and SKF so we can develop this business in close cooperation with our aerospace and machine tool customers.”
“SNFA is known for its innovative products, strong application engineering, high quality and very competent workforce, which will fit very well within SKF,” Johnstone says.
For the aerospace business SNFA has a product range that is complementary to the SKF existing offerings, enabling it to offer more complete solutions to this customer group. In the machine tool business SKF, will now have a more comprehensive assortment of high-precision angular contact ball bearings and high-precision cylindrical roller bearings for this market.
Geographically, SNFA has been focused on the European market and will now gain access to world markets through SKF’s global network. SNFA will be part of the SKF Aerospace and High Precision Bearings business unit within the Industrial Division and will be included in the Group’s reporting during the third quarter.