SKF acquires Taiwanese company in linear motion
SKF has signed an agreement to acquire ABBA Linear Tech Co., Ltd., a leading Asian manufacturer of profile rail guides, based in Taiwan.
ABBA is currently listed on the emerging companies' exchange of the GreTai Securities Market in Taiwan.
The ABBA Group employs approximately 400 people and has an annual turnover of some MSEK 250. It is headquartered in Taipei, Taiwan and has facilities in Taiwan and in China.
With the addition of ABBA's product range, SKF is reinforcing its position in linear guides. The acquisition is in line with the SKF Group's strategy to strengthen its different technology platforms and to grow in Asia.
ABBA will be part of the SKF Actuation & Motion Control business unit within the Industrial Division.
The acquisition is subject to the successful completion of a tender offer by ABBA's controlling shareholder and relevant regulatory approvals. The transaction is expected to be finalized during the second quarter this year.
Göteborg, 26 February 2007
For further information, please contact:
PRESS: Lars G Malmer, SKF Group Communication, tel. +46 (0)31 337 1541, e-mail: Lars.G.Malmer@skf.com
IR: Marita Björk, SKF Investor Relations, tel: +46 (0)31 337 1994, mobile: +46 (0)705-181994, e-post: email@example.com