The Harbour Group has entered into an agreement to sell Lincoln Holdings Enterprises Inc. to the Sweden-based SKF Group for $1 billion in cash.

St. Louis, MO-based Lincoln is a leader in the design, manufacture, and service of lubrication systems and equipment and related products. Products include centralized and automated lubrication systems, lubrication tools and equipment, and material-dispensing equipment for high viscosity materials.

SKF, founded in 1907, is publicly traded on NASDAQ OMX Stockholm. With headquarters in Gothenburg, Sweden, the company has operations worldwide and is a leading global supplier of products, solutions, and services within the roller bearings, seals, mechatronics, services, and lubrication systems platforms.

Jeff Fox, chairman and CEO of Harbour Group, commented: "We are pleased with Lincoln's growth and development. Under our ownership, the company significantly expanded its product offerings, geographic reach, and financial performance. We saw the opportunity for continued growth under our ownership, but we realized that this was a strong strategic fit, which with SKF's complementary business would benefit Lincoln's customers and employees and enable Lincoln to build upon its strong foundation."

The purchase is contingent upon regulatory approval in the United States, Germany, and Austria.