16 Jun SKF divests Reelcraft
SKF has signed an agreement, subject to regulatory approvals, to divest Reelcraft, a manufacturer of hose, cord and cable reels for industrial applications, to Madison Industries.
The total consideration of the divestment is USD 115 million on a cash-free and debt-free basis and the divestment is expected to close during Q3 2017.
Reelcraft joined SKF as part of the acquisition of Lincoln Industrial in 2010 and is headquartered in Indiana, USA. Reelcraft’s sales in 2016 amounted to approximately USD 55 million.
Reelcraft is the leading global designer and manufacturer of the widest range of hose, cord and cable reels for industrial, commercial and professional applications. Reelcraft’s key focus is to produce durable, quality products that make hoses, cords and cables more productive, keep them easily accessible and make them last longer. Reelcraft offers a complete line of spring-driven, motor driven and hand crank hose, cord and cable reels.
Reelcraft joins the Madison Safety & Flow vertical of Madison Industries.