Harbour Group in Agreement to Sell Lincoln Holdings to Sweden's SKF Group
ST. LOUIS, Oct. 19 /PRNewswire/ -- Harbour Group announced today that it entered into an agreement to sell Lincoln Holdings Enterprises Inc. to Sweden-based SKF Group. The purchase is contingent upon regulatory approval in the United States, Germany, and Austria.
Lincoln is based in St. Louis, where it was founded 100 years ago. Lincoln is a leader in the design, manufacture, and service of lubrication systems and equipment and related products. Lincoln's products include centralized and automated lubrication systems, lubrication tools and equipment, and material-dispensing equipment for high viscosity materials. The Lincoln product line represents a broad range of highly engineered lubrication systems in the world.
Harbour, also based in St. Louis, is a privately owned operating company. Harbour acquired Lincoln in April 2005. The transaction announced today is for $1.0 billion in cash.
Jeff Fox, chairman and CEO of Harbour Group, commented: "We are pleased with Lincoln's growth and development. Under our ownership, the company significantly expanded its product offerings, geographic reach and financial performance. We saw the opportunity for continued growth under our ownership, but we realized that this was a strong strategic fit, which with SKF's complementary business would benefit Lincoln's customers and employees and enable Lincoln to build upon its strong foundation."
SKF, founded in 1907, is publicly traded on NASDAQ OMX Stockholm. With headquarters in Gothenburg, Sweden, the company has operations worldwide and is a leading global supplier of products, solutions, and services within the roller bearings, seals, mechatronics, services and lubrication systems platforms. SKF does business mainly through three divisions: Industrial, Service, and Automotive.
Harbour Group and its operating companies are engaged in manufacturing, distribution, and specialty services in multiple industries, including specialty LED systems, automotive-enthusiast products, decorative kitchen and bath hardware, abrasives, diamond cutting products and related tools, entertainment and music products, auxiliary plastic processing equipment, and route-based logistics systems. Since its founding in 1976, Harbour Group has acquired 165 companies in 34 different industries.
SOURCE Harbour Group