Sweden's SKF Group to acquire Taiwan's ABBA Linear
TAIPEI (XFN-ASIA) - SKF Group (Nachrichten) said it has signed an agreement to acquire Taiwan's ABBA Linear Tech Co Ltd (1575.TW), with the acquisition subject to the successful completion of a tender offer by ABBA Linear's controlling shareholder and relevant regulatory approvals.
The transaction is expected to be finalized during the second quarter this year, according to an SKF statement.
With the addition of ABBA Linear's product range, SKF is reinforcing its position in linear guides, it said, adding that the acquisition is in line with the SKF Group's strategy to strengthen its different technology platforms and to grow in Asia.
ABBA Linear, a manufacturer of profile rail guides, will be part of the SKF Actuation&Motion Control business unit within the Industrial Division, the statement added.
It did not disclose the acquisition terms, but the Taiwan-based Economic Daily News reported that the Swedish group will offer 49.57 twd for each ABBA Linear share.
ABBA Linear yesterday closed at 47.70 twd on Taiwan's Emerging Market .