SKF’s acquisition of S2M, a leading French magnetic bearing company, has now been completed.

“With this acquisition we clearly strengthen our position in the bearing world and are able to offer our customers a broader product range in a fast-growing market,” says Tom Johnstone, President and CEO of SKF.

Magnetic bearings can replace hydrodynamic bearings used in energy-intensive large and heavy applications and will substantially reduce the energy consumption in those applications, thus contributing to the Group’s sustainability efforts and focus.

“We are now into the technologies of tomorrow, and that is very exciting,” says Johnstone. “We already have a company in Canada dedicated to the manufacture of magnetic bearings, SKF Magnetic Bearings. S2M is very complementary both geographically and from a product range point of view.”

S2M has annual sales of around 40 million euros and 200 employees. The company is headquartered in Vernon, France, where it also has its manufacturing facilities. SKF paid around 55 million euros for the shares.