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.