SKF Completes Previously Announced Divestment of L&AT Business - Modern Distribution Management

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SKF Completes Previously Announced Divestment of L&AT Business

The divestment will have a positive effect on the operating result for the Swedish manufacturer in the fourth quarter.

Swedish bearing manufacturer SKF (STO: SKFA), Goteborg, Sweden, has completed the previously announced divestment of its linear and actuation technology business to Triton.

The total consideration of the divestment is SEK 2.75 billion (US $315 million) on a cash- and debt-free basis. The closing of the divestment will have a positive effect on the operating result for Q4 2018 of SEK 1.2 billion (US$ 130 million).

Christian Johansson, Senior Vice President and CFO says, "Our efforts to focus on our core business around the rotating shaft has generated approximately SEK 7 billion during the last three years. These funds have been used to strengthen the balance sheet and increase investments in manufacturing and R&D. We now have a stronger financial position from which to build upon."

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