SKF to Acquire PEER Bearing Co.

SKF has signed an agreement to acquire PEER Bearing Co. and its manufacturing operations in China and Thailand. PEER is a U.S.-based bearing company selling primarily to North American customers. SKF is acquiring PEER to strengthen its presence in the North American market in certain segments not currently served by SKF, such as lawn and garden and mechanical power transmission.

SKF has signed an agreement to acquire PEER Bearing Co. and its manufacturing operations in China and Thailand

PEER is a U.S.-based bearing company selling primarily to North American customers. The company manufactures mainly deep groove ball bearings and tapered roller bearings. The company employs approximately 1,400 and had sales of nearly $100 million in 2007.

SKF is acquiring PEER to strengthen its presence in the North American market in certain segments not currently served by SKF, such as lawn and garden and mechanical power transmission. PEER will continue to operate as a stand-alone business, acting independently and going to market under its existing brand PEER.

The acquired manufacturing plants are located in Xinchang and Changshan, China and Rayong, Thailand.

The acquisition is subject to certain conditions to closing and requires approvals by relevant authorities.