Goteborg, March 17, 2016: SKF (SKF) has signed an agreement to sell its fly by wire business to LORD company, the company is a diversified technology and manufacturing company, located in North Carolina City, Carrie States, long service in the aerospace industry. LORD has approximately 3000 employees worldwide, with a total of 17 production bases and a total of 9 R & D centers.
Transactions on the basis of cash and no debt, the total price of 39 million euros. The transaction is expected to be completed in the next three to four months.
SKF group senior vice president and chief financial officer Christian Johansson said, "this transaction means that we will continue to focus on the bearing of the rotary shaft and the solution of the core business, at the same time will also strengthen our balance sheet. We are pleased to see that LORD will take over the business and we believe they have the ambition and expertise to support the successful development of the business."
The sale of the company is located in the French Saint Vallier, the main development and production of fly by wire control system, sensor, shock absorber and electrical drive. In 2015, the company has approximately 150 employees, with annual sales of EUR 37 million, part of the group's aerospace business.
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