The 2020 Mid-Year Economic Update_long

SKF Acquires Two Companies in Sweden & Canada

Acquisitions to help SKF grow its service platform business.

Swedish bearing manufacturer SKF has acquired two companies as part of its strategy to boost its service capabilities. One of these is GLOi, a Swedish-based alignment technology solutions company. The other is Hofmann Engineering North America, an engineering services company located in Ontario, Canada.

“An important part of our strategy is to grow our service platform business, both organically and through acquisitions,” said Vartan Vartanian, president, SKF industrial market, regional sales and service.”

GLOi has developed and launched an integrated shaft alignment solution based on the iOS software platform used by iPads and iPhones. Founded in 2010, the company’s annual sales were SEK 6.3 million (US$887 thousand) in 2013. It serves a similar customer base to that of SKF, including marine, steel, mining, pulp and paper and hydrocarbon processing.

Hofmann Engineering is a high-precision machining operation with 16 employees. The company predominantly serves OEM customers handling large components mainly in Canada. Its offerings include large pinion and gear solutions, precision grinding and custom engineering projects.

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