SKF Combines Forces with Blohm & Voss in $104 Million Merger
SKF will pay 80 million euros ($104 million) and assume net loans and cash of 18 million euros, the Gothenburg, Sweden-based company said today in a statement. The acquisition from Star Capital Partners is subject to regulatory approval.
BVI makes products such as shaft components, stabilizers and oily water separators and will strengthen SKF’s position as a preferred application partner with a full life-cycle offering, SKF said. BVI will bolster service capabilities and has a complementary market presence.
“The synergies between the SKF and BVI marine portfolio will support SKF to be an even stronger partner for critical shaft components to the marine industry and marine-specific applications,” SKF Chief Executive Officer Tom Johnstone said in the statement.
SKF fell 1.9 percent to 163.4 kronor at 2:46 p.m. in Stockholm trading.
Star Capital agreed to buy ThyssenKrupp AG’s civilian shipbuilding unit Blohm + Voss, including Blohm + Voss Industries, in December 2011.
– Janina Pfalzer, Copyright 2013 Bloomberg.
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