Sweden-based SKF has agreed to acquire German ship components provider Blohm + Voss Industries (BVI) for €80m from Star Capital Partners.
BVI manufactures shaft components (seals and bearings), stabilisers, and oily water separators for the ship industry.
SKF will assume net loans/cash of €18m under the deal, which is still subject to relevant regulatory approvals.
The Swedish company said the deal is in line with its strategy to expand its market position and offer a full asset lifecycle management approach for marine solutions.
SKF president and CEO Tom Johnstone said: "The synergies between the SKF and BVI marine portfolio will support SKF to be an even stronger partner for critical shaft components to the marine industry and marine specific applications for both OEM and end users."
Blohm + Voss Industries CEO Martin Johannsmann said: "The combination of our technologies, strategies, and organisations will be a good basis to make SKF an even stronger supplier to the marine industry."
BVI has around 400 employees and was originally part of the Hamburg-based Blohm + Voss shipyard, which was established in 1877.
According to SKF, BVI’s operations and capabilities fit closely with its seals and bearing products, particularly in the hydrodynamic bearings market.
BVI’s strong market presence, in the form of service stations globally, and subsidiaries in Shanghai, Hong Kong, Singapore, Busan, Andover and Kobe, are expected to strengthen SKF’s service capabilities.