SKF has signed an agreement to divest its fly-by-wire business to Lord Corporation, a diversified technology and manufacturing company serving the aerospace industry, based in North Carolina, USA.

LORD Corporation has approximately 3,000 employees and operates 17 manufacturing facilities and nine R&D centres worldwide.   

The total consideration of the divestment is €39 million, on a cash and debt-free basis. The transaction is expected to close during the coming three to four months.

‘This divestment is a continuation of our efforts to focus on our core business – bearings and solutions around the rotating shaft – whilst at the same time strengthening our balance sheet,’ said Christian Johansson, senior vice president and CFO.

Located in Saint-Vallier, France, the divested business develops and manufactures predominantly fly-by-wire cockpit control systems, sensors, dampers and electromechanical actuators. With approximately 150 employees and annual sales of €37 million in 2015, it has been operating as part of the group’s aerospace business. 

This story uses material from SKF, with editorial changes made by Materials Today. The views expressed in this article do not necessarily represent those of Elsevier.