SKF intends to sell its component manufacturing operations in Veenendaal in The Netherlands to US-based NN.
NN manufactures and supplies bearing components, consisting of balls, rollers, seals and retainers, for leading bearing manufacturers. The company had sales of $180 million in 2001.
The SKF Veenendaal plant makes rollers for tapered roller bearings as well as metal cages for both tapered and spherical roller bearings. The operation employs 360 people and has a turnover of about 45 million Euros.
SKF’s said that the decision to sell its operations in Veenendaal is in line with the Group’s strategy to divest non-core component manufacturing.
The transaction, which is subject to customary due diligence investigations, is planned to close in the first quarter of 2003.