The Timken Company has signed a deal to sell off its Needle Roller Bearings business to Japan's JTEKT Corporation.
The Needle Roller Bearings business mainly serves customers in the automotive original-equipment sector.
At the close of the deal, which is slated for the end of 2009, Timken would receive about $330 million in cash for the transaction, subject to adjustments for working capital. The capital would provide Timken with increased liquidity and be used for general company purposes.
"This transaction is a major step forward in our strategy to transform our portfolio to focus on industrial sectors with strong aftermarkets," said James Griffith, Timken president and CEO. "It positions us to concentrate our resources on areas where we can realize mutual value with our customers."
Timken acquired the Needle Roller Bearings business when it purchased Torrington back in 2003. It consists of about 3,400 workers and manufactures needle roller bearings, including an extensive range of radial and thrust needle roller bearings, as well as bearing assemblies and loose needles, for automotive and industrial applications.
The business is housed at facilities throughout North America, Europe and Asia.
The Needle Roller Bearings business mainly serves customers in the automotive original-equipment sector.
At the close of the deal, which is slated for the end of 2009, Timken would receive about $330 million in cash for the transaction, subject to adjustments for working capital. The capital would provide Timken with increased liquidity and be used for general company purposes.
"This transaction is a major step forward in our strategy to transform our portfolio to focus on industrial sectors with strong aftermarkets," said James Griffith, Timken president and CEO. "It positions us to concentrate our resources on areas where we can realize mutual value with our customers."
Timken acquired the Needle Roller Bearings business when it purchased Torrington back in 2003. It consists of about 3,400 workers and manufactures needle roller bearings, including an extensive range of radial and thrust needle roller bearings, as well as bearing assemblies and loose needles, for automotive and industrial applications.
The business is housed at facilities throughout North America, Europe and Asia.
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