Sale of SKF’s Forging in Germany Signed

Resource from: CBCC Likes:2957

Mar 14,2007

Sale of SKF’s Forging in Germany Signed SKF has signed an agreement to sell its forging business at the Luchow plant in Germany to Hay Speed Umformtechnik GmbH, a company established by the majority of the owners of Johann Hay GmbH & Co KG, one of the largest privately owned forging companies in Germany. The sales price is EUR 33 millions and SKF will make a profit on the sale of some EUR 4 million, that will be reported in the second quarter of 2007. SKF's forging business in Luchow has 222 employees and the sales for 2006 amounted to EUR 74 million. The sales of the forging business is fully in line with the Group's manufacturing strategy to divest none-core component manufacturing.

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