SKF completes previously announced divestment of its ring and seal operation in Hanover, USA [Yahoo! Finance]
SKF AB S/ADR (SKFRY)
NASDAQ:AMEX Investor Relations:
skf.com/group/investors/investor-relations
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Source: Yahoo! Finance
Hanover, Pennsylvania , USA, to Carco PRP Group for a total enterprise value of USD 215 million , corresponding to approximately SEK 2.1 billion . The divestment will result in a capital gain amounting to approximately SEK 0.8 billion in Q2 and will be reported as Items affecting comparability. "We are committed to create a more focused and resilient SKF to serve our customers even better and to accelerate profitable growth. Divesting this successful but non-core business at accretive multiples is an important part of this. At the same time, we continue to invest and strengthen our position in core Aerospace segments," says Rickard Gustafson , President and CEO. Aerospace will remain a large, strategic segment also after the divestment with a share of industrial sales corresponding to approximately 9 percent. Investments in strengthening core aeroengine and structure bearing offerings remain a priority for SKF. The Hanover divestment is in line with SKF's strategic review of its
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