SKF claims to have become the world`s second largest manufacturer of electric actuators, following its purchase of the Swiss-based Magnetic Group, whose products include motors, controllers, and telescopic drives, as well as actuators. The Group, which employs 370 people and has annual sales worth around £31m, has manufacturing sites in Germany and Switzerland.

The Group will join SKF Actuators - part of SKF`s Linear Motion and Precision Technologies business. Christer Gyberg, head of SKF`s Industrial division, says that the acquisition will strengthen the company`s presence in the expanding actuator market and will allow it to offer complete actuation systems.

The acquisition also reflects SKF`s strategy of expanding its electronics activities, offering products and processes with higher added value.