Nordic Business Report-August 24, 2006-SKF Group expands in Australia and the US
(C)1994-2006 M2 COMMUNICATIONS LTD http://www.m2.com
The Swedish bearings and seals manufacturer SKF Group said on Thursday (24 August) that it has acquired Australian company Monitek Australia and US company Precision Balancing & Analyzing (PB&A).
Monitek Australia, based in Brisbane, supplies vibration monitoring and wear debris analysis for the mining industry. The company has 29 employees and annual sales of approximately AUD4.3m.
PB&A, based in Mentor, Ohio, repairs and upgrades machine tool spindle mechanisms. The company has 40 employees and annual sales of USD7m.
SKF Group is paying a total of SEK60m for the two companies.
One Australian dollar (AUD) is worth approximately 0.41 British pounds (GBP).
One US dollar (USD) is worth approximately 0.54 British pounds (GBP).
One Swedish krona (SEK) is worth approximately 0.07 British pounds (GBP).
((Comments on this story may be sent to [email protected]))
