FAG adds french bearing company SNFA to precision portfolio

FAG Kugelfischer Georg Schäfer AG, a company of INA Holding Schaeffler KG, has continued to pursue its international growth strategy in the area of high precision special bearings, adding French company SNFA to the precision bearings portfolio that includes UK specialists FAG/Barden.

Executive Board representatives of FAG Kugelfischer Georg Schäfer AG and Jean-François Lamit, President and associate of SNFA S.A., signed a contract in Paris, on the 100-percent acquisition of the French bearing specialist SNFA. The acquisition will only become final upon realization of certain conditions precedent, including approval of the translation with the relevant competition authorities.

"SNFA is an excellent company that fits extremely well with our strategy of expansion in high-tech rolling bearings. It expands our Aircraft and Super Precision Bearings division and thus extends the FAG overall portfolio," stated Dr. Gerhard Vogel, FAG's chief negotiator and Vice President of the Executive Board.

In addition to special bearings for turbo pumps, radar equipment and control systems, SNFA mainly produces high precision bearings for machine tools as well as engine and gearbox bearings for aircraft and helicopters. The company supplies all leading manufacturers of aeronautical units in Europe including SNECMA, MV Agusta, FIAT Avio and Eurocopter. SNFA employs a staff of approximately 700 at its 3 production sites in Valenciennes (France), Turin (Italy) and Bristol (England) and achieved sales of approximately FFr 500m (€ 77m) in the fiscal year 2001.

"This investment forms part of FAG's successful strategy to focus on market niches and long-term growth markets for rolling bearings," underlined FAG President and CEO Dr. Jürgen M. Geißinger. The contracting parties have agreed to maintain silence on the purchase price.

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