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Kaydon buys Avon to lead US slewing bearings market
Published:  29 October, 2007

The US bearings manufacturer Kaydon has acquired Avon Bearings for $55m in cash. The acquisition is expected is expected to add around $30m to Kaydon’s 2008 sales and to be accretive to its earnings within the first full year of ownership.

Ohio-based Avon custom designs and manufactures precision, large-diameter turntable bearings. It also re-manufactures bearings and sells replacement bearings.

Kaydon says that the acquisition complements its own manufacturing capabilities and, combined with previously announced capital investment programmes, will make it North America’s largest manufacturer of slewing ring bearings.

The acquisition will also help to accelerate the expansion of Kaydon’s business supplying pitch and yaw bearings for wind turbines.

"This strategic acquisition represents an important step for Kaydon in accelerating growth in our market-leading bearings business," says Kaydon CEO, James O’Leary. "It will add immediate capacity to our growing wind energy platform, while both strengthening existing customer relationships and adding others.

"In addition," he continues, "Avon will broaden our presence in important offshore crane, construction and steel markets for very large diameter bearings, while also providing access to the refurbishment market, where Avon has built a leadership position over many years."

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