SKF acquires U.S. lubrication systems company
SKF, a supplier of products, solutions and services within rolling bearings, seals, mechatronics, services and lubrication systems, has agreed to acquire U.S.-based lubrication systems provider Lincoln Holdings Enterprises, Inc. for $1 billion US on a cash and debt-free basis from Harbour Group, a privately owned operating company based in St Louis, Missouri. The transaction is subject to relevant regulatory approvals. The acquisition includes all Lincoln, Alemite and Reelcraft entities and brands. Lincoln Industrial has around 2,000 employees, and in 2010 the company is expected to generate sales approaching $400 million US, with an operating profit margin of around 24 percent.