SKF divests non-core aerospace business in the US for about $216 mln

Reuters10-30

Oct 29 (Reuters) - Sweden's SKF said on Tuesday it sold its Hanover, Pennsylvania ring and seal operation, via subsidiary PCTI, to Carco PRP for 2.3 billion Swedish crowns ($215.98 million) as part of its strategy to exit the non-core aerospace sector.

SKF first revealed plans to explore fully or partially exiting its non-core business in October last year.

The bearings maker in September said it plans to split into two separate companies by spinning off its automotive business with a separate stock market listing, with the potential to improve margins for both operations.

SKF, the world's biggest maker of industrial bearings, in July forecast flat like-for-like sales in the third quarter and said low volumes and production shifts could dent margins during the rest of the year.

($1 = 10.6490 Swedish crowns)

(Reporting by Gnaneshwar Rajan in Bengaluru; Editing by Vijay Kishore)

((Gnaneshwar.Rajan@thomsonreuters.com;))

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