SKF completes previously announced divestment of its ring and seal operation in Hanover, USA
GOTHENBURG, Sweden, April 14, 2025 /PRNewswire/ -- SKF has completed the previously announced divestment of its ring and seal operation in 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 aerospace business, communicated on 27 October 2023, to focus on core aerospace business and to exit areas that are non-strategic. As previously announced, the Group is exploring options to exit the precision elastomeric device (PED) aerospace operation in Elgin, Illinois, USA, also identified as non-strategic but smaller than Hanover.
Previous press release on similar topics:29 October 2024: SKF divests non-core aerospace operation for USD 220 million [link to press release]
Aktiebolaget SKF (publ)
For further information, please contact:Press Relations: Carl Bjernstam, +46 31-337 2517; +46 722 201 893; carl.bjernstam@skf.com Investor Relations: Sophie Arnius, +46 31-337 8072; +46 705 908072; sophie.arnius@skf.com
This information was brought to you by Cision http://news.cision.com
https://news.cision.com/skf/r/skf-completes-previously-announced-divestment-of-its-ring-and-seal-operation-in-hanover--usa,c4135329
The following files are available for download:
https://mb.cision.com/Main/637/4135329/3387500.pdf
20250414 SKF completes previously announced divestment of its ring and seal operation in Hanover, USA
https://news.cision.com/skf/i/narbild-lager,c3398908
närbild lager
https://news.cision.com/skf/i/rickard-gustafson-jpg-highpreview-800,c3398907
Rickard Gustafson jpg highpreview 800
View original content:https://www.prnewswire.com/apac/news-releases/skf-completes-previously-announced-divestment-of-its-ring-and-seal-operation-in-hanover-usa-302427390.html
SOURCE SKF
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Hypebeast
39 minutes ago
- Hypebeast
François-Henri Pinault Expected To Be Replaced by Renault CEO Luca de Meo at Kering
Summary Luca de Meo is set to step down from his position as Chief Executive ofRenaultin mid-July to pursue new opportunities outside the automotive to French outlet – Le Figaro, it is rumored that he will take the helm as the new CEO ofKering, the French luxury conglomerate known for iconic brands such as Gucci, Saint Laurent and Balenciaga. Although de Meo has declined to comment, speculation has intensified — particularly after reports emerged last week suggesting thatFrançois-Henri Pinault, the current Chairman and CEO of Kering, is preparing to relinquish his role and retain his position as Chairman while bringing in new leadership to steer the group. Fueling further speculation, Kering abruptly canceled a scheduled event with financial analysts set for Monday, June 16th, 2025. Kering has also recently faced mounting challenges, particularly with Gucci. Once considered their 'cash cow,' Gucci has seen asignificant declinein sales and profitability. Kering's share price has plummeted by over 60% in the past two years, and the company is currently managing more than €10 billion EUR (approximately 11.5 billion USD) in debt. Luca de Meo is widely credited with revitalizing Renault during his five-year tenure achieving economies of scale by implementing cost-cutting initiatives, shifting focus toward electric vehicles and restructuring the brand's alliance with Nissan. His proven track record has led many to believe he is being tapped to execute a similar turnaround strategy at Kering — especially as the group looks to reignite momentum at Gucci. Kering has not confirmed the reports at the moment.
Business Upturn
6 hours ago
- Business Upturn
Sterlite Technologies launches AI-optimized data centre solutions to meet growing digital demand
By Aman Shukla Published on June 16, 2025, 08:48 IST Sterlite Technologies has unveiled its next-generation Data Centre solutions tailored for AI-driven infrastructure. The comprehensive offering spans from advanced fibre and copper cabling to end-to-end connectivity, addressing the growing need for agile, scalable, and sustainable data centres. As the global data centre market heads toward a projected USD 517 billion valuation by 2030, STL's launch comes at a critical time. The company aims to replace outdated cabling systems struggling under modern demands for lower latencies, higher speeds, and greater energy efficiency. Backed by over 30 years of optical networking expertise, STL's solutions are designed and tested at a state-of-the-art facility, meeting international standards like ANSI/TIA-942, TIA-568, and ISO 11801. All products are supported by a 25-year performance warranty. The STL Data Centre portfolio features high-performance fibre and copper systems for buildings, campuses, and hyperscale data centres. With LC/MPO connectors and Celesta's high-density IBR technology, STL ensures low-latency and space-efficient connectivity, ideal for high-volume, future-ready deployments. To expand its reach, STL has partnered with Tech Data – India, a TD SYNNEX [NYSE: SNX] subsidiary and a major IT solutions distributor. With presence in over 70 Indian cities, Tech Data will help deliver STL's advanced solutions across cloud, cybersecurity, AI, and IoT segments. This strategic launch positions STL as a key enabler of India's digital infrastructure growth and AI readiness. Ahmedabad Plane Crash Aman Shukla is a post-graduate in mass communication . A media enthusiast who has a strong hold on communication ,content writing and copy writing. Aman is currently working as journalist at
Business Upturn
6 hours ago
- Business Upturn
Sterlite Technologies shares rise nearly 3% as it unveils next-gen data centre solutions for AI-led future
By Aditya Bhagchandani Published on June 16, 2025, 09:22 IST Shares of Sterlite Technologies Ltd gained 2.84% on Monday, June 16, to Rs 85.70 after the company announced the launch of its next-generation data centre solutions tailored for AI-driven infrastructure. This new product suite spans advanced fibre and copper cabling, offering scalable, sustainable, and high-speed connectivity for hyperscale and enterprise data centres. As the global data centre market eyes a valuation of USD 517 billion by 2030, STL's move comes at a strategic inflection point. The solutions are backed by over 30 years of optical networking expertise and are tested at STL's state-of-the-art facility with certifications like ANSI/TIA-942, TIA-568, and ISO 11801. The company is offering a 25-year performance warranty on all products. Sterlite's portfolio includes high-density LC/MPO connectors and Celesta's IBR technology, optimized for high-volume, low-latency deployments. Additionally, STL has partnered with Tech Data India, a TD SYNNEX subsidiary, to expand distribution across over 70 cities and boost adoption in AI, IoT, cloud, and cybersecurity verticals. With this launch, STL aims to be a core enabler of India's evolving digital and AI infrastructure. Disclaimer: The information provided is for informational purposes only and should not be considered financial or investment advice. Stock market investments are subject to market risks. Always conduct your own research or consult a financial advisor before making investment decisions. Author or Business Upturn is not liable for any losses arising from the use of this information. Ahmedabad Plane Crash Aditya Bhagchandani serves as the Senior Editor and Writer at Business Upturn, where he leads coverage across the Business, Finance, Corporate, and Stock Market segments. With a keen eye for detail and a commitment to journalistic integrity, he not only contributes insightful articles but also oversees editorial direction for the reporting team.
