Nordic Business Report-May 22, 2006-SKF to acquire Economos Austria GmbH
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The Swedish bearings and seals manufacturer SKF said on Monday (22 May) that it has signed a memorandum of understanding to acquire Austrian industrial seals company Economos Austria GmbH.
No financial details were disclosed.
Economos manufactures hydraulic and pneumatic seals for the oil and gas, food and beverage, pulp and paper, mining and steel segments. The company has 89 employees and reported sales of EUR77m in 2005.
After the proposed acquisition Economos will continue operations as part of SKF Sealing Solutions.
One euro (EUR) is worth approximately 0.69 British pounds (GBP).
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