Nordic Business Report-August 29, 2006-SKF acquires Economos Austria GmbH
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The Swedish ball bearings and seals manufacturer SKF said on Tuesday (29 August) that it had acquired 100% of the shares of the Austrian industrial seals company Economos Austria GmbH from Salzer Holding GmbH.
Economos's sales for the year 2005 were close to EUR70m and the company has some 805 employees.
SKF paid EUR67m on a cash- and debt-free basis for the company.
Economos will become part of the SKF Sealing Solutions unit, within the Automotive Division.
One euro (EUR) is worth approximately 0.68 British pounds (GBP).
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