SKF will pay €80 million for 100% of the equity of BVI and assumes net loans/cash of €18 million.
Blohm + Voss Industries is a manufacturer of equipment for critical marine applications, including shaft components (seals and bearings), stabilizers, and oily water separators. Blohm + Voss Industries has approximately 400 employees and originates from the Blohm + Voss shipyard, which was founded in 1877. Its sales for 2011/2012 were approximately €100 million.
SKF says the acquisition is in line with its strategy to offer a full asset life cycle management for marine solutions. “We are excited to have Blohm + Voss Industries become part of the SKF Group," said Tom Johnstone, SKF president and CEO. "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."