Swedish manufacturer SKF has agreed to acquire Kaydon Corp., Ann Arbor, MI, for $1.25 billion, including $95 million in debt. Kaydon is a diversified industrial manufacturer with three distinct business areas: friction control products (bearings), velocity control products and specialty products, including environmental services.
"The complementary nature of their products and technologies, their geographical and customer presence and their manufacturing footprint will enable us to even better serve our customers and distributors in the industrial market worldwide. In particular this acquisition, combined with our other activities, investments and acquisitions in the last few years, shows our strong commitment to the North American market,” says Tom Johnstone, SKF president and CEO.
Kaydon has a global footprint with 62 percent of its sales generated in North America, 24 percent in Europe, 12 percent in Asia Pacific and 2 percent in the rest of the world. In 2012, the company had sales of $475 million.