GOTHENBURG, Sweden—SKF Group has completed its acquisition of German-based ship components provider Blohm + Voss Industries.
SKF paid about $12.7 million and assumed net loans of $2.85 million for the company.
Blohm + Voss Industries manufactures and services equipment used in critical marine applications, including shaft components such as seals and bearings, stabilizers and oily water separators. The firm has about 400 employees and records annual sales of about $15.8million.
SKF said Blohm + Voss' operations and capabilities fit well with SKF's marine strategy and complement its existing marine product and service range.
The Swedish company said the acquisition will solidify SKF's position as a leading supplier of marine sealing arrangements, and hydrodynamic bearings.