SKF AB (Sweden; Stockholm: SKFA) said it has completed its acquisition of S2M, announced in August 2007. S2M will become part of SKF Industrial Division.

article: SKF announces S2M acquisition
S2M, with headquarters and manufacturing base in Vernon, France, is the world's leading manufacturer of magnetic bearings. The company has annual sales in the neighborhood of € 40 million (USD $55 million) and approximately 200 employees. The company was founded in 1976.

SKF already owns 12% of S2M; paying € 55 million (USD $74 million) for the remaining 88%, valuing S2M at € 62.5 million ($84.2 million).

The primary geographic market for S2M has been Europe, where its magnetic bearings are used in vacuum pumps, small air and gas compressors, turbo expanders, and compressors for the oil and gas industry. Other target market examples include semiconductor manufacturing and air conditioning a high-speed electric train, and machine tool spindles for high-precision machining. Shaft sizes generally range from 50mm through 400mm.

S2M animation of how magnetic bearings work
Tom Johnstone, SKF President and CEO, said: "We are now into the technologies of tomorrow and that is very exciting. We already have a smaller company in Canada dedicated to the manufacture of magnetic bearings, SKF Magnetic Bearings [aka Revolve in Calgary, a division of SKF Canada]. This new company is very complementary both geographically and from a product range point of view for SKF. With this acquisition the range of magnetic bearings is substantially broadened. It is also important to remember that the magnetic bearing business is complementary to the SKF rolling bearing product range."

Mr. Johnstone went on to comment: "With this acquisition, we clearly strengthen our position in the bearing world and are able to offer our customers a broader product range in a fast growing market."