GOTHENBURG, SWEDEN — SKF Group said it has completed its acquisition of Willy Vogel AG – a world leader in the field of lubrication systems. Through this acquisition, SKF will become a world-leading supplier of lubrication systems, according to the company.
SKF paid approximately $85 million to Hannover Finanz Group, which has owned Willy Vogel AG since 1988. As part of the acquisition, SKF takes over net debts of approximately $7.8 million. Vogel will be reported as part of SKF as of the third quarter this year.
Vogel employs 940 people and has annual sales of approximately $130.5 million. The company specializes in the lubrication systems market, which will complement SKF’s currently offerings of special greases, lubricators and lubrication analysis services.
Through the acquisition the SKF Group has established a new engineering platform, lubrication systems, to be added to bearings, seals, linear motion products/mechatronics and reliability systems.
“Now we have the engineering platforms on which to deliver solutions to our customers and build our growth and development,” says Tom Johnstone, president and CEO of SKF. “Lubrication systems will be part of the Group’s Industrial Division as a separate business unit.”
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