The 2020 Mid-Year Economic Update_long

SKF Agrees to Buy General Bearing Corp.

General Bearing will operate as an independent subsidiary of SKF Group.

Swedish manufacturer SKF has agreed to acquire General Bearing Corp., West Nyack, NY, and its subsidiaries, including the interests in its four manufacturing sites in China.

\"\"

The purchase price of approximately $28 per share, all cash, represents an aggregate enterprise value of $125 million, net of contractual adjustments and the satisfaction of certain obligations and liabilities of the company.

\”I am delighted with the acquisition of GBC, which goes to market using the ‘General’ and ‘Hyatt’ brands,\” said Tom Johnstone, SKF president and CEO. \”Under David Gussack’s leadership GBC has very successfully developed their business serving the automotive and heavy duty markets in the USA. Strategic utilization of their factories in China has been a key component of that success.\”

General Bearing Corp. will continue to operate as an independent subsidiary within the SKF Group.

About the Author
Leave a Reply

Leave a Comment

Sign Up for the MDM Update Newsletter

The MDM update newsletter is your best source for news and trends in the wholesale distribution industry.

By subscribing, you are agreeing to MDM’s Privacy Policy.
Social Media Auto Publish Powered By : XYZScripts.com