SKF has signed an agreement to acquire New York-based General Bearing Corporation (GBC) for about 125 million US dollars (94 million euros) on a cash and debt-free basis. The transaction is subject to relevant regulatory and shareholder approvals.
General Bearing Corporation will continue to operate as an independent subsidiary within the SKF Group. The company has 1,750 employees in the United States and China and four factories in China – one ball bearing factory, two tapered roller bearing factories and one precision roller bearing factory. GBC has focused much of its capabilities to serve OEM and end-user customers within the transport markets: truck, trailer, automotive and industrial.