September 5, 2013 - Assignment

SKF to acquire US-based Kaydon Corporation

SKF and Kaydon Corporation (NYSE:KDN) have agreed that SKF will acquire Kaydon in an all-cash transaction valued at approximately USD 1.25 billion, including USD 95 million of net debt.  The transaction will be paid through existing cash and credit lines and will be accretive to SKF earnings in year one. For further information please see

Kaydon is a diversified industrial manufacturer with three distinct business areas: friction control products (bearings), velocity control products and specialty products, including environmental services. Kaydon has a global footprint with 62% of its sales generated in North America, 24% in Europe, 12% in Asia Pacific and 2% in the rest of the world. In 2012, the company had sales of USD 475 million, with an adjusted operating profit of around 16% and has over 2,100 employees.

SKF is a leading global supplier of bearings, seals, mechatronics, lubrication systems, and services which include technical support, maintenance and reliability services, engineering consulting and training. SKF is represented in more than 130 countries and has around 15,000 distributor locations worldwide. Annual sales in 2012 were approximately SEK 64.6 billion and the number of employees was 46,775.

SKF was advised by Mannheimer Swartling acting as Swedish counsel in the transaction. The firm’s team was led by Clas Nyberg, Eva Hägg and Olof Stenström.