SKF Will Acquire Full ownership of SKF india

Resource from: www.ebearing.com Likes:2930

Feb 16,2005

SKF AB (Sweden), continuing a series of financial and operational housecleaning moves, said it will now acquire full ownership of SKF India Ltd. Only last month, SKF acquired controlling ownership, upping its stake from 46.31% to 53.56%, through a convoluted warrant exercise program. • article: SKF acquires controlling share of SKF India Ltd. Prior to the January warrant exercise, eBearing and most other coverage had commonly reported SKF India as 54% owned by parent SKF AB. But that 54% ownership was misleading -- the figure included both shares owned by the company directly and shares owned by SKF executive officers. As a corporate entity alone, SKF AB owned 46.31%, and now owns 53.58%. SKF India Ltd. is currently publicly-traded on the Bombay Stock Exchange. After acquiring the remaining shares, SKF said it will then delist SKF India's stock under the Securities and Exchange Board of India Delisting Guidelines. The company said, "Full ownership of the company will give SKF increased operational flexibility to support the development of its business and to fully integrate the operations within the SKF Group." SKF will be acquiring the shares on the open market, but did not indicate the price or price range it would consider appropriate. Immediately upon hearing the announcement, however, traders bid up SKF India's shares 16%, to Rs 199.3. SKF India Ltd. is that country's largest bearing manufacturer, with an overall 29% market share across OEM and replacement sales. The company employs almost 2,000 people and has manufacturing operations in Pune and Bangalore. Flush with cash and with the prospect for continued good times ahead, SKF has recently made a number of moves to streamline its financial situation and operating divisions worldwide.

(www.ebearing.com)

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