SKF announced Tuesday that it has signed an agreement to divest its ring and seal operation in Hanover, Pennsylvania.
The Hanover operation will go to Carco PRP Group through its U.S. aerospace subsidiary, PCTI, for a total enterprise value of $220 million. The facility represents 2023 annual sales of approximately $66 million.
SKF said that it will continue to focus its aerospace business around high-growth core areas related to aero-engine and aero-structure bearing offers, representing annual sales of approximately $560 million. The offering in those areas will be further strengthened through investments in product development, customer service and state-of-the-art manufacturing.
As previously announced, SKF is exploring options to exit the precision elastomeric device aerospace operation in Elgin, Illinois. The PED business is also non-strategic but smaller than Hanover; the exit process is proceeding according to plan, officials said.
The Hanover divestment is expected to close during the first quarter of 2025, subject to authorities’ approval.