SKF divests non-core aerospace business in the US for about $216 mln
29/10/2024 18:09
Oct 29 (Reuters) - Sweden's SKF said on Tuesday it sold
its Hanover, Pennsylvania ring and seal operation, via
subsidiary PCTI, to Carco PRP for 2.3 billion Swedish crowns
($215.98 million) as part of its strategy to exit the non-core
aerospace sector.
SKF first revealed plans to explore fully or partially
exiting its non-core business in October last year.
The bearings maker in September said it plans to split into
two separate companies by spinning off its automotive business
with a separate stock market listing, with the potential to
improve margins for both operations.
SKF, the world's biggest maker of industrial bearings, in
July forecast flat like-for-like sales in the third quarter and
said low volumes and production shifts could dent margins during
the rest of the year.
($1 = 10.6490 Swedish crowns)
(Reporting by Gnaneshwar Rajan in Bengaluru; Editing by Vijay
Kishore)
((Gnaneshwar.Rajan@thomsonreuters.com;))