The deal, which is an all-cash transaction, has been unanimously approved by both companies' boards. It will be followed by the launch of a tender offer for all outstanding shares in Kaydon for $35.50 on 16 September.
Kaydon's three core business areas are friction control products such as bearings, velocity control products and specialty products, including environmental services.
SKF chief executive Tom Johnstone said: "The complementary nature of their products and technologies, their geographical and customer presence and their manufacturing footprint will enable us to even better serve our customers and distributors in the industrial market worldwide... [and] shows our strong commitment to the North American market."
Kaydon's sales are focused on North America, where 62% of its revenues are generated. Europe accounts for 24% of sales, while 12% come from Asia Pacific and 2% in the rest of the world.
In 2012, the company had a turnover of $475 million and has more than 2,100 employees.
The transaction, which represents a 22% premium to Kaydon's closing price on 4 September, is expected to be completed in the fourth quarter of 2013.