Goteborg, June 30, 2016: SKF (SKF) has completed the previously announced divestiture, will sell its fly by wire business to LORD company, Catton (Kaydon) to sell the business to Stabilus speed control.
The total sales price of the flight control business is 39 million euros. The total price of the speed control business is $339 million. Two transactions are carried out on the basis of cash and no debt. After the transaction is expected to pay off the cash flow of approximately SEK 2 billion 800 million. The impact on net income is expected to decrease by SEK 350 million, primarily for tax costs. These will be included in the financial statements for the second quarter of 2016.
Flight control is mainly responsible for the production of flight control systems, sensors, shock absorbers and mechanical and electrical drives, its 2015 turnover of 37 million euros, the number of employees was 150.
Speed control business includes ACE, Hahn Gasfedern, Fabreeka and TechProducts four brands, its 2015 turnover of approximately $120 million, the number of employees is 550.