FAG Kugelfischer Georg Schafer AG (Schweinfurt, Germany), in the process of being acquired by INA Holding Schaeffler KG (Germany) has confirmed it will acquire aerospace and precision bearing specialist SNFA S.A. (Valenciennes, France)

While FAG's acquisition of SNFA has been rumored for several months, neither company would comment.

However, during its annual - and perhaps final - shareholder meeting last week, FAG management was obliged to disclose the pending SNFA acquisition. In large part, it had to be disclosed as a means of justifying the share price being paid for FAG by INA.

INA, in the final stages of completing its acquisition of FAG for €12 per share, is reflecting the assumed successful acquisition of SNFA in each FAG share. That value is estimated at €1 in each FAG share.

SNFA was founded in 1952, but some of its production dates back to 1919 and the dawn of the commercial aircraft and aerospace industry. In 1979, SNFA built its current 15,000 square meter facility in Valenciennes. The company employs over 400 production workers at Valenciennes and also has sales offices in Italy, Germany, the UK and Switzerland. Sales in 2001 were approximately €77 million.