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NN buys SKF`s Dutch plant and takes over their ball-making JV

01 June, 2003

The US bearing manufacturer NN Inc has bought SKF`s tapered roller and metal cage manufacturing operation in Veenendaal in the Netherlands, for €22.2m. NN has also acquired SKF`s 23% interest in their NN Euroball joint venture for €13.8m, to take full control of the business. Last December, it acquired INA/FAG`s 23% stake in the precision steel ball joint venture. As part of the deal, SKF is buying 4.5% of NN`s shares for €5.5m.

The Veenendaal plant employs 360 people manufacturing rollers for tapered roller bearings, and metal cages for both tapered and spherical roller bearings. Its annual sales are worth around €45m. The deal will boost the roller bearings proportion of NN`s business from 4 to 16%.

The NN Euroball joint venture was set up by NN, SKF and INA/FAG in July 2000 to manufacture precision steel balls used in bearings. It has plants in Ireland, Germany and Italy. Under the original shareholder agreement, SKF and INA/FAG had the right to sell their stakes to NN from 1 January, 2003.

NN will continue to provide balls to its former JV partners from its now wholly-owned subsidiary. "We look forward to a continuing long-term supply relationship with our original partners and customers in this venture," says Roderick Baty, NN`s chairman and chief executive.




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