Peer Denies SKF Acquisition Rumors

Peer Denies SKF Acquisition Rumors Peer Bearing Company (USA), subject of worldwide rumors linking it with SKF AB (Sweden) as a potential takeover candidate, denies the relationship. Contacted last week by eBearing, Peer President Laurence Spungen said he has "no idea" how the rumors started -- apparently in China -- and quickly spread worldwide. According to eBearing contacts in China, SKF representatives recently visited component vendors there who currently supply Peer and/or Peer and SKF. All indications are that these were regularly scheduled visits, but several claim they were something more. And the buyout rumors continue to persist -- gaining momentum as numbers and personnel are now being mentioned. Many dozens of people around the world have heard and passed on one version or another of the rumor to eBearing. So we felt obligated to ask Mr. Spungen again. Yesterday, Mr. Spungen kindly took the time to respond and deny it once again. It should be noted that, as recently as last month, SKF said it has no plans to bring in another brand to compete in the lower margin / non premium end of the market.