SKF has signed an agreement, subject to regulatory approvals, to divest its Kaydon velocity control business to Stabilus, a global supplier to the automotive and industrial markets. Stabilus develops and produces electromechanical drives, as well as gas springs and hydraulic dampers. The company has its operational headquarters in Koblenz, Germany, and is listed on the SDAX index of the Frankfurt Stock Exchange.
Christian Johansson, senior vice president and chief financial officer, said, “This is a significant step in our efforts to focus on our core bearing business, a process which has been ongoing for the past 12 months. The Kaydon velocity control business is a well-managed, stand-alone operation. Under Stabilus’ ownership, it has the ability to reach its full potential.
“Following the divestment announced today, the Kaydon bearing business will be fully integrated into the SKF operational structure, strengthening our value propositions in key industrial segments. The Kaydon bearing business is one that complements our own, from a manufacturing footprint, customer segment and technology perspective. The former Kaydon headquarters in Ann Arbor, Michigan, will be closed,” Johansson said.
The Kaydon velocity control business, which includes the ACE, Hahn Gasfedern, Fabreeka and TechProducts brands, had sales in 2015 of approximately $120 million (USD) and 550 employees
