Timken Completes Sale of Linear Motion Systems Division to Overseas Industries
30 Giugno 2005 - 6:24PM
PR Newswire (US)
Timken Completes Sale of Linear Motion Systems Division to Overseas
Industries CANTON, Ohio, June 30 /PRNewswire-FirstCall/ -- The
Timken Company announced today that it has completed the sale of
its Linear Motion Systems (LMS) division - Timken S.p.A in Milan
(Italy) and Timken Deutschland GmbH in Stuttgart (Germany) -- to
Overseas Industries S.p.A., an Italian firm. LMS designs and
produces linear guides for industrial equipment manufacturers, and
in 2004 had net sales of approximately $40 million (32 million
euro). In addition, LMS is a distributor of needle roller bearings
and a range of diversified sourced products, marketed under the
Nadella(R) brand. Terms of the sale were not disclosed. "Nadella
linear and diversified products serve niche applications. Selling
the unit is part of our ongoing strategy to focus on businesses
that will grow by bringing value to customers through our knowledge
of friction management and power transmission," said Michael J.
Connors -- vice president -- industrial equipment. "This sale of
the LMS linear guides and diversified products business does not
affect our core needle bearing business, as we continue to
aggressively pursue profitable growth in our needle product line."
Timken expects to use proceeds from the sale of LMS to pay down
debt and for other corporate purposes. The sale includes the
Nadella(R) brand, which Overseas Industries will continue to use
with LMS products. Timken will retain the European needle bearing
manufacturing facilities and transition needle bearing sales to
Timken(R) Torrington(R). "We are excited about the potential of
this business," said Federico Nordio -- general manager of Overseas
Industries. "LMS is a specialized business with strong engineering
and manufacturing capabilities. We expect to leverage all of these
strengths to further enhance LMS as a successful, profitable
enterprise that will build upon its market-leading position in
Italy and Germany that will ultimately deliver increased value for
LMS customers and our shareholders." Linear Motion Systems LMS is
the name of the division composed of Timken S.p.A. (now renamed
Nadella S.p.A.) and Timken Deutschland GmbH (now renamed Nadella
GmbH) founded in 1963 and 1985 as subsidiaries of Nadella, a French
company. LMS employs approximately 100 people in Milan and
Stuttgart. Its manufactured products are used in such diverse
applications as robotics and handling equipment, packaging
machines, machine tools, woodworking machinery, feeding and
assembly machinery, loading equipment and paper printing machines.
LMS was acquired by The Torrington Company in 2001. Timken acquired
Torrington in 2003. Overseas Industries Based in Milan, Italy,
Overseas Industries makes long-term investments in quality
companies, working with management to create value over the
long-term. With more than 30 transactions completed worldwide and
significant experience operating and investing in businesses,
Overseas Industries principals bring a unique mix of experience to
its portfolio companies. The Timken Company (NYSE:TKR)
(http://www.timken.com/) keeps the world turning, with innovative
ways to make customers' products run smoother, faster and more
efficiently. Timken's highly engineered bearings, alloy steels and
related products and services turn up everywhere -- on every
continent, on the seas and in space. With operations in 27
countries, record sales of $4.5 billion in 2004 and 26,000
employees, Timken is Where You Turn(TM) for better performance. For
Additional Information: Denise Bowler, Manager - Associate &
Financial Communications - U.S., (330) 471-3485, or Andre van der
Merwe, Communications Manager - Europe, +33 (0) 389 21 45 07, or
Steve Tschiegg, Manager - Investor Relations, (330) 471-7446
DATASOURCE: The Timken Company CONTACT: Denise Bowler, Manager -
Associate & Financial Communications - U.S., +1-330-471-3485,
or Andre van der Merwe, Communications Manager - Europe, +33 (0)
389 21 45 07, or Steve Tschiegg, Manager - Investor Relations,
+1-330-471-7446, all of The Timken Company Web site:
http://www.timken.com/
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