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SKF buys Peer and expands in Sweden

08 July, 2008

SKF is buying the US-based Peer Bearing Company and its manufacturing operations in China and Thailand. The company mainly manufactures deep-groove ball bearings and tapered roller bearings and sells its products principally to North American customers. Its sales were worth almost $100m in 2007, and it employs about 1,400 people.

SKF is buying Peer to strengthen its presence in certain segments of the North American market that it does not currently serve, such as mechanical power transmission equipment, and lawn and garden products. Peer will continue to operate as a standalone business, acting independently under its existing Peer brand name.

SKF is also investing around SKr400m (£34m) to increase its production capacity in Gothenburg, Sweden. The investment includes a new production line for large bearings and new equipment for producing rolling elements.

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