Miba agrees biggest-ever deal for RENK bearings business

Miba has agreed to buy the plain bearings business of Germany’s RENK Group in what the Upper Austrian technology group says is the biggest acquisition in its history, ORF reported.

The companies have signed an agreement, but the deal still requires approval from the relevant competition authorities. The business is headquartered in Hannover and specialises in developing and manufacturing industrial plain bearings. It operates plants in Germany, the United States, Brazil, China and Japan, and has annual revenue of about 130 million euros.

Miba chief executive F. Peter Mitterbauer said the company plans to combine and expand its expertise in plain-bearing technology. Applications include feeding wind and solar power into electricity grids, supplying energy to data centres for artificial intelligence, and use in electric motors and ship propulsion.

RENK said the sale is part of a strategic realignment. Chief executive Alexander Sagel said the group intends to focus more strongly on its defence business. The companies did not disclose the purchase price.