SKF Buys Lincoln Industrial
Bearings to lubrication systems giant, SKF, has acquired Lincoln Holdings Enterprises for $1bn.
The cash and debt-free deal was made with Lincoln's Missouri-based owners, Harbour Group, and the new company will be known as Lincoln Industrial.
Lincoln design, manufacture and supply precision lubricants systems, tools and equipment with around 50% of its total sales coming from North America, 25% from Europe and 20% Asia. Employing some 2,000 staff, Lincoln is expecting sales close to $400m in 2010.
Lincoln, and its other main brands Alemite and Reelcraft, are predominantly automated grease-based lubrications systems, including hose reels and grease guns. SKF will maximise the opportunity to exploit Lincoln's established markets in key sectors including industrial, energy, off highway and mining.
According to SKF, the company has been steadily building its lubrications systems expertise over recent years and has been tracking Lincoln for some time.
