SKF acquires Austria's Economos

• Publisher: Elsevier Science
• Year: 2006
• Tongue: English
• Weight: 80 KB
• Volume: 2006
• Category: Article
• ISSN: 1359-6128
• DOI: 10.1016/s1359-6128(06)71367-2

✦ Synopsis

This compares with a net loss of ¥538 million on net sales of ¥30 735 million a year earlier. SKF ACQUIRES AUSTRIA'S ECONOMOS SKF has signed a Memorandum of Understanding with Salzer Holding GmbH to acquire 100% of the shares of Austrian industrial seal company Economos Austria GmbH.

Economos has annual sales of 77 million and 899 employees. Headquartered in Judenburg, the company manufactures hydraulic and pneumatic seals for the oil and gas, food and beverage, pulp and paper, mining and steel segments. These seals are made from a variety of materials including advanced plastics. Economos's main manufacturing site is in Austria, and it also machines seals in key local markets. This approach has made Economos successful in the quick-delivery machined seals market, through its more than 20 subsidiaries around the world and its distributor network. The company has a global presence, but its main market is Western Europe.

The acquisition brings new technologies to SKF and a complementary product range to the group's existing seal range. This, together with Economos's market channels and presence in key segments, will create strong synergies and strengthen SKF's market position in industrial seals.

Economos will be part of SKF Sealing Solutions, a unit within the Automotive Division.