SKF acquires leading US based bearing company with manufacturing in China and Thailand

SKF has signed an agreement with the owners of PEER Bearing Company (PEER) to acquire PEER and its manufacturing operations in China and Thailand.

The company manufactures mainly deep groove ball bearings and tapered roller bearings.

PEER is a US based bearing company selling primarily to North American customers. In 2007 the sales were almost USD 100 million and the number of employees about 1400.

SKF is acquiring PEER to strengthen its presence in the North American market in certain segments, not currently served by SKF, such as Lawn & Garden and Mechanical Power Transmission. PEER will continue to operate as a stand alone business, acting independently on the 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.

Göteborg 26 June, 2008
Aktiebolaget SKF
(publ.)

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AB SKF may be required to disclose the information provided herein according to the Securities Markets Act and/or the Financial Instruments Trading Act. The information was submitted for publication at 08.30 am on 26 June 2008.
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For further information, please contact:
PRESS: Ingalill Östman, SKF Group Communication, tel: +46 31-337 3260, mobile:
+46 706-973260, e-mail: ingalill.ostman@skf.com
IR: Marita Björk, SKF Investor Relations, tel: +46 31-337 1994, mobile: +46 705-181994,
e-mail: marita.bjork@skf.com

SKF is a leading global supplier in the areas of bearings, seals, mechatronics, services and lubrication systems. The Group’s service offer includes technical support, maintenance services, engineering consultancy and training. SKF is represented in more than 130 countries and has 15,000 distributor locations worldwide. The Group’s annual sales 2007 were SEK 58,559 million. The number of employees was 42,888.