Lincoln Industrial Corp. has been purchased by SKF AB for USD1 billion.

The Sweden-based company will pay cash for the Missouri company, which will add $400 million in sales to SKF’s existing lubrication-tools business as the company branches out from bearings used in washing machines and the car industry.

The price paid for Lincoln, which has about 2000 employees, is equal to 2.5 times annual sales. Acquiring Lincoln will broaden SKF’s product offering and geographical coverage. Lincoln has about 2000 employees.