SKF AB (SKFRY.PK) said that it has signed an agreement to divest its metallic rods business to US-based Precision Castparts Corp. (PCP) for around 40 million euros on a cash and debt free basis. This includes the sale of the operations at the SKF sites in St. Vallier sur Rhône, France and Monroe, Washington in the USA. During 2012, sales from these two sites were around 46 million euros. The closing is expected in the second-quarter of 2013.
The sale affects around 230 employees in France and around 25 in the US.
SKF Aerospace provides highly engineered, customized solutions to aircraft, helicopter, engine, and system manufacturers, including main-shaft and transmission bearings, seals and precision elastomeric devices.
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