Schaeffler Group Sells Subsidiary Lacey Manufacturing Inc

The Schaeffler Group, Herzogenaurach/Germany, has sold its U.S. subsidiary Lacey Manufacturing Inc., Bridgeport/ Connecticut, effective October 31, 2008 to Precision Engineered Products Inc., headquartered in Attleboro/Massachusetts. As a manufacturer of medical and surgical equipment, Lacey did not belong to the Schaeffler Group???s core business which includes rolling bearings such as Thin Section Bearings and Miniature Thrust Bearings and linear technology as well as automotive components and systems for engine, gearbox and chassis applications. The parties have agreed not to disclose the purchase price. With about 275 employees, Lacey develops and manufactures assemblies and precision products for the medical engineering market, such as injection molding components and wire implants. Sales of approx. U.S. $43 million are expected for 2008. The Schaeffler Group had acquired the company back in 2001 as part of the take-over of FAG Kugelfischer AG. Precision Engineered Products is a renowned manufacturer of precision Chrome Steel Bearings parts and components. With the acquisition of Lacey, it further expands and strengthens its core business. The company has production sites in the U.S., Mexico and China.