GOTHENBURG, SWEDEN — SKF and Salzer Holding GmbH, owners of the Austrian industrial seals company Economos Austria GmbH, have signed a Memorandum of Understanding for SKF to acquire 100 percent of the shares in Economos.
The acquisition brings new technologies to SKF and a complementary product range to the group’s existing seals range.
Economos manufactures hydraulic and pneumatic seals for the oil and gas, food and beverage, pulp and paper, mining and steel segments. Economos’ main manufacturing site is in Austria, and it also machines seals in key local markets.
Economos Group sales for the year ending December 2005 were approximately $97 million. Headquartered in Judenberg, the company has a global presence, with Western Europe being its main market.
Economos will become part of SKF Sealing Solutions, a unit within the Automotive Division. The company employs just under 900 people.
Click here to view the rest of today’s headlines.