GOTEBORG, Sweden, Dec. 9, 2002 (PRIMEZONE) -- SKF (Nasdaq:SKFR) (LSE:SKFB) and NN, Inc. have signed a letter of intent by which SKF intends to sell its component manufacturing operations in Veenendaal, The Netherlands, to NN, Inc. The transaction, which is subject to customary due diligence investigations, is planned to close in the first quarter of 2003.
In its Veenendaal plant, SKF manufactures rollers for tapered roller bearings as well as metal cages for both tapered and spherical roller bearings. Yearly production value amounts to about 45 million euros and the operation employs 360.
SKF's decision to sell its operations in Veenendaal is in line with the Group's strategy to divest non core component manufacturing.
Aktiebolaget SKF (publ.)
For further information, please contact:
Lars G Malmer SKF Group Communication tel. +46 (0)31 337 1541 e-mail: Lars.G.Malmer@skf.com
Aktiebolaget SKF, SE-415 50, Goteborg, Sweden, tel. +46 (0)31 337 1000, fax +46 (0)31 337 2832, www.skf.com
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