Swedish manufacturer SKF has agreed to acquire Waukegan, IL-based PEER Bearing Company and its manufacturing operations in Thailand and China. PEER will continue to operate as a standalone business.
PEER manufactures deep-groove ball bearing and tapered roller bearings. In 2007, PEER had about 1,400 employees and sales of about $100 million.
SKF is a manufacturer of industrial and automotive materials, including rolling bearings, seals, mechatronics and lubrication systems, with 110 manufacturing sites worldwide. In 2007, sales were SEK 58.6 billion (US$9.8 billion at current exchange rate).