SKF completes previously announced divestment of non-core aerospace operation in Elgin, USA
SKF has completed the previously announced divestment of its precision elastomeric device (PED) operation in Elgin, Illinois, USA. The divestment is part of SKF’s strategic focus on its core aerospace areas and exit of non-core business lines. Elgin is divested to Carco PRP Group for a total enterprise value of MUSD 75, corresponding to approximately MSEK 675. The divestment will result in a capital gain amounting to approximately BSEK 0.4 in Q1 and will be reported as items affecting comparability. “This divestment concludes the strategic review for our aerospace business related to exiting non-core business lines. Our full focus is now on driving innovation and profitable growth in our remaining core aerospace business”, says Hans Landin, President, Specialized Industrial Solutions. Aerospace is a large, strategic segment for SKF with a share of Industrial sales corresponding to approximately 10 percent. Full focus going forward will be on the core areas aeroengine and aerostructure bearing offerings, which will be further strengthened by activities to improve operational efficiency, expand capabilities, integrate future technologies, as well as through increased modernization and capacities of the Group’s factories.
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