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SKF bags US lubrication specialist for $1bn

19 October, 2010

SKF is buying the US lubrication systems supplier Lincoln Holdings Enterprises (known as Lincoln Industrial) for $1bn from the Harbour Group. Lincoln has around 2,000 employees and is expected to generate sales approaching $400m this year, with an operating profit margin of around 24%.

The acquisition builds on a series of acquisitions SKF has made in the lubrication systems sector over the past six years. SKF says that Lincoln complements its existing lubrication systems business, with limited product and geographical overlaps. The acquisition will boost SKF’s sales coverage in North America and Asia, as well as expanding its manufacturing operations in these areas.

“Lubrication systems is a very important business for SKF and also one of our technology platforms,” says SKF CEO and president, Tom Johnstone (above). “Combined with our other platforms, it enables us to help our customers reduce friction and energy consumption.

“SKF has been building its lubrication systems business over a number of years and our team has done a great job in developing this as an important part of the SKF Group,” he adds. “The acquisition of Lincoln Industrial, combined with our existing business, will significantly improve our ability to further support our customers with even better solutions and give us a better geographical coverage. We have been following the development of Lincoln Industrial over a number of years and I am very pleased that the Lincoln team will soon be joining the SKF Group.”

Lincoln Industrial, founded more than 100 years ago, is headquartered in St. Louis, Missouri. Its three main product lines are automated lubrication systems, hose reels, and grease guns, and its brands include Alemite and Reelcraft.

Lincoln’s sales are generated mainly from automated lubrication systems and related products. Around half of its sales are generated in North America, 25% in Europe and 20% in the Asia Pacific region. The company has manufacturing operations in the US, Asia and Europe.

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