SKF has signed an agreement to acquire G-Tech Instruments Inc., a leading specialist within condition monitoring and measuring instruments technology.
The acquisition will enable SKF to leverage digitally enabled reliability solutions to strengthen its end-user and aftermarket presence as well as deepen customer value and engagement across critical industries in which it operates, including marine, railway, heavy industries, energy, and food and beverage.
Condition Monitoring is a SKF Priority Area
By acquiring G-Tech, SKF will enhance its condition monitoring offering, one of three priority areas within the Group’s service business. G-Tech’s advanced diagnostic solutions complement SKF’s current portfolio, thereby enabling the development of a single, integrated ecosystem that allows customers to detect issues early, plan proactive maintenance, and improve equipment cost of use, performance and uptime.
Rickard Gustafson, President and CEO, comments on the strategy of the acquisition:
“An important part of our strategy to reignite growth is value accretive bolt-on M&A. This acquisition delivers that. It also underlines our commitment as a leader to scale our service business through innovative, intelligent solutions, providing customers additional innovative condition monitoring and reliability solutions.”
G-Tech’s established presence in Asia and scalable product roadmap is expected to unlock new business opportunities for SKF. The acquisition supports SKF’s future product development as well as secures valuable intellectual assets.
About G-Tech
Founded in 1998, G-Tech is headquartered in Taiwan and has emerged to a technology leader in its field with critical IP of vibration analyzers, diagnostic tools, and condition monitoring systems. G-Tech is a supplier to SKF and has 50 employees. Core products include vibration analyzers, machine health monitoring systems, balancing machines, sensors, and predictive-maintenance software.
The acquisition is expected to be completed within six months, subject to regulatory and legal conditions being met.
This article contains forward-looking statements, and caution should be exercised when relying on such information that may or may not occur in the future.
