Mumbai: SKF the world's leading technology & solutions provider of bearings, seals, related products, systems and services, today announced that it has signed an agreement for the acquisition of Chennai-based, Vibration Engineers and Consultants Pvt. Ltd (VEC) for an undisclosed amount. This acquisition marks the beginning of an ambitions growth plan envisaged by SKF in India.
SKF India will acquire all business assets of VEC through this transaction. This investment will help the company to accelerate market penetration in the services segment.
VEC was incorporated in 1985 and since then, has served more than six hundred major industries in the field of condition monitoring, predictive maintenance, vibration analysis, in situ dynamic balancing and machinery trouble shooting. The company has retained its over two hundred of its clients for the past fifteen years.
Services such as vibration analysis, machine dynamics, and dynamic balancing are key ingredients in the high skilled, advanced maintenance services offered by SKF. SKF India has a strong presence in all the industries served by VEC and will provide the framework and structure for customers to fully benefit from the growth potential of the Indian market.
Speaking on the acquisition, Rakesh Makhija, managing director, SKF Bearings India said, " This investment is consistent with our strategy of moving towards becoming a manufacturing engineering services company.
This acquisition will offer SKF India an established vibration analysis, machine dynamics and balancing business with major synergies with our own segments and a solid platform for us to expand the SKF Services Business. Maintenance viewed as a strategic partner in achieving increased reliability and predictability is a huge opportunity that corporates need to recognize"
M.G. Poduval managing director, VEC, added, "SKF is a one of world leaders in manufacturing engineering and we see an opportunity to be able to offer world class services to SKF customers both in India and around the globe in the ever increasing services market."