SKF has signed an agreement to acquire Germany-based ship components provider Blohm + Voss Industries (BVI) from Star Capital Partners. SKF will pay €80 million for 100% of the equity of BVI and assume net loans/cash of €18 million. The transaction is subject to relevant regulatory approvals.The acquisition is in line with SKF’s strategy to further position itself as the preferred application development partner offering a full asset life cycle management approach for marine solutions.
Blohm + Voss Industries is a leading manufacturer of and service provider for, premium quality equipment for critical marine applications, including shaft components (seals and bearings), stabilizers, and oily water separators. The company has around 400 employees and originates from the Blohm + Voss shipyard, which was founded in 1877. Sales for 2011-12 were around €100 million with an operating margin in line with the SKF Group.
“The synergies between the SKF and BVI marine portfolio will support SKF to be an even stronger partner for critical shaft components to the marine industry and marine specific applications for both OEM and end users,” said Tom Johnstone, SKF President and CEO.
SKF entered the marine business in the 1940’s and currently offers products, engineering and services to the marine industry, mainly self-aligning bearings and coupling products. BVI products are of similar design parameters and production processes to other SKF seals and bearing products.