SKF said it had signed an agreement to acquire New York-based General Bearing Corporation (GBC) – owner of The General and Hyatt brands – for around US$125m on a cash and debt free basis.
“GBC has very successfully developed their business serving the automotive and heavy duty markets in the US utilising their factories in China,” said SKF president and CEO Tom Johnstone.
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“The acquisition of GBC is fully in line with our strategy to develop our product offering with complementary brands enabling us to better serve these important markets.”
General Bearing will operate as an independent subsidiary within the SKF Group. SKF also owns with the Peer brand acquired in 2008.
