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NN Inc buys SKF component manufacturing

SKF and US-based NN Inc have signed a letter of intent by which SKF intends to sell its component-manufacturing operations in Veenendaal, the Netherlands, to NN Inc.

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The transaction, which is subject to customary due-diligence investigations, is planned to close in the first quarter of 2003.

In its Veenendaal plant, SKF manufactures rollers for taper roller bearings as well as metal cages for both taper and spherical roller bearings.

Yearly production value amounts to about 45 million euros. The operation has 360 employees.

SKF’s decision to sell its operations in Veenendaal is in line with the group’s strategy to divest non-core-component manufacturing.

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