SKF completes divestment of ‘non-core’ aerospace operation in US

Gothenburg, Sweden – Swedish sealing and components group SKF has completed a previously announced divestment of its ‘precision elastomeric device’ (PED) operations in Elgin, Illinois to Carco PRP Group.

The divestment is part of SKF’s strategic focus on its ‘core aerospace areas’ and exit “non-core” businesses in its aerospace operations, it said 30 Jan.

The unit, valued at SEK675 million (€64 million) generated sales of SEK260 million in 2024.

The deal follows the divestment of SKF’s aerospace ‘ring and seal’ operation in Hanover, Pennsylvania to Carco PRP Group for SEK2.1 billion in April last year.

“This divestment concludes the strategic review for our aerospace business related to exiting non-core business lines,” said Hans Landin, president, specialised industrial solutions.

“With this agreement… we can focus on driving innovation and growth in our remaining core aerospace business,” Landin added.

SKF said aerospace was “a large, strategic segment” for the group with around SEK6 billion annual sales – corresponding to 10% of overall ‘industrial sales’ of the group.

Going forward, the group will centre its focus on “the core areas: aeroengine and aerostructure bearing offerings.”

Those areas, SKF said, will be further strengthened through enhanced operational efficiency, expanded capabilities, integrated future technologies, as well as increased modernisation and capacities at factories.