SKF's acquisition of German-based ship components provider Blohm + Voss Industries (BVI) has been approved by the relevant authorities and is now closed. SKF paid around 80 MEUR for 100% of the equity of BVI and assumed net loans of 18 MEUR.
Blohm + Voss Industries is a leading manufacturer and service provider of 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 annual sales of around 100 MEUR with an operating margin in line with the SKF Group.
BVI operations and capabilities have a very strong fit with the SKF marine strategy and complement SKF's existing marine product and service range. This will further establish SKF as a leading supplier of marine sealing arrangements, and hydrodynamic bearings, which is a significant bearing type in the marine industry. It will also strengthen SKF's service capabilities with a complementary market presence, through subsidiaries in Shanghai, Hong Kong, Singapore, Busan, Andover and Kobe and sales agents and service stations worldwide.
Blohm + Voss Industries will be integrated into SKF's marine segment and report into the business area Industrial Market, Regional Sales and Service.