SKF AB (Sweden; Stockholm: SKFA) is acquiring the GLO SrL (Italy; website) operation from Metaldyne Corp. (USA, a division of Asahi Tec, Japan).

GLO designs and manufactures constant velocity joints and driveshafts for the automotive OEM and aftermarket industries.

Founded in 1978, GLO was acquired by MascoTech in 1988; MascoTech was acquired by Metaldyne in 2000; Asahi Tec acquired Metaldyne in 2006. Asahi Tec is a division of Heartland Industrial Partners LP. Heartland was acquired from Enron in 2004 by private equity firm VF II Holdings LLC.

article: Asahi Tec acquires Metaldyne
Metaldyne is divesting GLO as a non-core operation, left out of its "Plan to Win" initiative which aims for restructuring, cost controls, and clarifying its product line focus.

Lars Wilsby,SKF Global Aftermarket Operations head, said SKF is acquiring GLO to, "broaden the existing product range and to strengthen its presence primarily for the vehicle aftermarket in Europe."

GLO's has annual sales approaching €17 million and employs approximately 50 people. Offices and manufacturing are located in Poggio Rusco, in northeast Italy's Mantova region.

Mr. Wilsby said: "GLO is one of the leading manufacturers in the European automotive aftermarket and has a broad range of products well suited for this market. Its commitment to delivering quality products on time to its customers is a great fit with SKF. We see excellent growth potential for this operation."