SKF: Sale of Ovako Finalized
Exhibit
99.1
SKF:
Sale of Ovako Finalized
STOCKHOLM,
Sweden--(BUSINESS WIRE)--Nov. 20, 2006--In July 2006, Rautaruukki Corporation,
AB SKF and Wartsila Corporation signed an agreement to sell the operating
companies owned by Oy Ovako Ab to a company owned by Hombergh Holdings BV
shareholders, WP de Pundert Ventures BV and Pampus Industrie Beteiligungen
GmbH
& Co. KG. The sale has now been closed.
The
total
price for the shares is approximately EUR 660 million, comprising a cash payment
at closing of approximately EUR 535 million, a deferred cash payment of EUR
15
million to be paid in July 2008 and an interest-bearing vendor note of EUR
110
million to be paid within 3-6 years of closing.
SKF
(STO:SKAB)(STO:SKFB)(NASDAQ:SKFR)(LSE:SKFB) owned 26,5% of Ovako and the
tax-free capital gain on the transaction and the share of Oy Ovako Ab's result
generated in 4th quarter 2006 will be reported in SKF's income statement as
result of associated companies, and is estimated to be approximately 450
MSEK.
Goteborg,
November 20, 2006
Aktiebolaget
SKF (publ.)
For
further information, please contact: PRESS: Xxxx X Xxxxxx, SKF
Group
Communication, tel. x00 (0)00 000 0000, e-mail:
Xxxx.X.Xxxxxx@xxx.xxx
IR: Xxxxxx Xxxxx, SKF Investor Relations, tel:
000
0000000, e-post: xxxxxx.xxxxx@xxx.xxx
The
SKF
Group is the leading global supplier of products, solutions and services in
the
area comprising rolling bearings, seals, mechatronics services and lubrication
systems. The Group's service offer also includes technical support, maintenance
services, condition monitoring and training.
The
Group's annual sales 2005 were SEK 49.3 billion with an operating margin of
10.8%. The number of employees was 38 700.
(xxxx://xxx.xxxxxxxx.xxx/xxxxxx/xxxxxxxx0/XXXXxxxxxxXxxx.xxxx?xxx000000&xxxxxx0000.xxx)
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CONTACT:
Aktiebolaget SKF
Xxxx
X
Xxxxxx, x00 (0)00 000 0000
SKF
Group
Communication
Xxxx.X.Xxxxxx@xxx.xxx
or
Xxxxxx
Xxxxx, x00 (0)00 0000000,
SKF
Investor Relations
xxxxxx.xxxxx@xxx.xxx
or
Tel.
x00
00 000 00 00
Fax.
x00
00 000 00 00 xxx.xxx.xxx