Kaydon is a diversified industrial manufacturer of bearings, velocity control products and specialty products, including filters and filtrations systems. The company had sales of US$475 million in 2014 and more than 2100 employees. 62% of Kaydon’s sales are generated in North America, 24% in Europe, 12% in Asia Pacific and 2% in the rest of the world.
Commenting on the acquisition of Kaydon, SKF president and CEO Tom Johnstone said: “The complementary nature of their products and technologies, their geographical and customer presence and their manufacturing footprint will enable us to even better serve our customers and distributors in the industrial market worldwide. In particular this acquisition, combined with our other activities, investments and acquisitions in the last few years, shows our strong commitment to the North American market.”
Kaydon chairman and CEO James O’Leary said: “Our board believes that the proposed transaction represents a compelling value for our shareholders. We believe that this transaction represents an excellent strategic fit for Kaydon that will allow our market leading businesses to accelerate their growth strategies by joining forces with SKF, a global industry leader.”