SKF completes acquisition of Peer Bearing
Gothenberg, Sweden -- SKF's acquisition of Peer Bearing Company and its manufacturing operations in China and Thail...
Gothenberg, Sweden — SKF’s acquisition of Peer Bearing Company and its manufacturing operations in China and Thailand has been completed. Peer’s bearing products are sold primarily in the North American market and to certain segments not currently served by SKF.
Peer’s sales 2007 amounted to almost US$100 million and the company has about 1,400 employees.
Peer now becomes a wholly owned subsidiary of SKF Group and continue to operate independently on the market under the existing Peer brand. The business will be reported separately and included in the Group’s reporting during the fourth quarter.
The acquired manufacturing plants are located in Xinchang and Changshan, China and in Rayong, Thailand. Peer’s main sales operation is located in Illinois in the U.S.A.