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Social and
Environmental Report |
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News Release |
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News Release
February 20,2002
NSK Ltd.
Public Relations Department
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SKF buy majority in NSK Aerospace bearing business |
NSK Ltd. has signed a letter of intent with AB SKF, Sweden that will result in 75 percent of the shares in NSK Aerospace Europe Ltd. Stonehouse, UK, being transferred to SKF. The unit designs, manufacturers and sells mainshaft and gearbox bearings for jet engines and employs over 260 people.
Once agreement is concluded the company will change its name to Aeroengine Bearings UK. The letter of intent also stipulates that SKF will acquire the remaining 25 percent of the shares in 2005.
NSK is focusing its resources on further strengthening its core business areas within Europe. The two stage agreement will help achieve a smooth transition for Aerospace customers and strengthens SKF's position as a supplier to European aeroengine manufacturers. |
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