Nordic Business Report-May 4, 2006-SKF Group to divest forging operations in Germany
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The Swedish ball bearings and seals manufacturer SKF Group announced on Thursday (4 May) a letter of intent to sell its forging plant in Luchow, Germany to forging company Johann Hay GmbH & Co KG.
"SKF's decision to sell the forging business in Germany is fully in line with the group's manufacturing strategy to divest none-core component manufacturing," SKF said in a brief statement.
The Luchow plant has 225 employees and reported sales of EUR70m in 2005.
One Swedish krona (SEK) is worth approximately 0.07 British pounds (GBP).
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