SKF has signed a letter of intent with NSK to acquire 75% of the shares in NSK Aerospace Europe at Stonehouse in the UK.
NSK Aerospace designs, manufactures and sells bearings for main shafts and gearboxes for jet engines. Total sales amounted to SEK 230 million during 2001; the company employs over 260 people.
In the letter of intent, SKF states that it will acquire the remaining 25% of the shares in 2005.
Once an agreement is reached and SKF acquires the first 75%, the company will change its name to Aeroengine Bearings UK.
SKF hopes that the acquisition will strengthen its position as a supplier to the European aeroengine manufacturers, especially Rolls Royce which is its main customer.
Existing SKF Aerospace businesses comprise MRC and CR Aerospace in the US, SKF Avio in Italy, SARMA in France and AMPEP in the UK. The main customers served by the Division are General Electric, Pratt and Whitney, Snecma, Boeing and Airbus.