TKR Timken Co

Acquisition focuses DriveSol on global Electric Power Assist Steering (EPAS) markets providing the electric steering technology base for integrated steering column/pedal product development TROY, Mich., Dec. 19 /PRNewswire/ -- DriveSol Worldwide, Inc. ("DriveSol"), an affiliate of Sun Capital Partners, Inc., announced today that it has acquired the assets of Timken Company's Global Steering Business. Timken Company's Global Steering Business designs and manufactures intermediate shafts, column shafts, and components in North America and steering columns in South America for OEM manufacturers and Tier I automotive suppliers. The 2005 global sales for the Global Steering Business were approximately $110 million. DriveSol Worldwide, Inc. is a leading manufacturer of pedals, adjustable pedals, electronic throttle control pedals ("ETC"), and other highly engineered driving solutions for the global automotive industry. DriveSol, with global sales of approximately $170 million, is currently supplying products to most major global automotive OEMs. Terms of the sale were not disclosed. Mark T. Simon, DriveSol Worldwide CEO, stated, "The acquisition of this steering column business is another step forward towards implementing our long-range strategy of becoming a global leader in driver control systems and puts us back into the steering column/pedal sub-system market where we once supplied Land Rover and other European OEMs. As the automotive electronic drive-by-wire concept evolves, we will now be in a position to offer our customers a full brake, accelerator, and steering-by-wire plug in system. With Timken's Brazil facility we have become a truly globally integrated steering/pedal product development company with combined engineering and research, development, and manufacturing resources effectively in the North and South America, East and West Europe, Japan, and China markets." The Timken Global Steering Business has manufacturing facilities in Watertown, Connecticut and in Nova Friburgo, Brazil. Each of these locations has design engineering, product development, process engineering testing, and sales and marketing capabilities. Worldwide, the Global Steering Business has an experienced workforce of approximately 900 employees. DriveSol Worldwide, Inc. employs over 850 people and currently has full service engineering technical centers located in Troy, Michigan; Gothenburg, Sweden; and Chongquing, China. About The Timken Company The Timken Company (NYSE:TKR) 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. With operations in 27 countries, sales of $5.2 billion in 2005 and 27,000 employees, Timken is Where You Turn(TM) for better performance. For more information, please see: http://www.timken.com/ . About DriveSol Worldwide, Inc. DriveSol Worldwide Inc. is one of the leading designers, developers, and manufacturers of fixed and adjustable pedal systems, electronic throttle control pedals ("ETC"), and other highly-engineered driving solutions to global automotive OEMs in North America, Europe, Japan, and China. Headquartered in Troy, Michigan, DriveSol has manufacturing facilities located in Kendallville, IN; Lyons, OH; Dalstorp, Sweden; Chongquing, China; Changwon City, Korea; Van Buren Twp., Michigan; and strategic alliances in Mexico and Slovakia. For more information, please see: http://www.drivesol.com/ . About Sun Capital Partners, Inc. Sun Capital Partners, Inc. is a leading private investment firm focused on leveraged buyouts, equity, debt, and other investments in market-leading companies that can benefit from its in-house operating professionals and experience. Sun Capital affiliates have invested in and managed more than 135 companies worldwide with combined sales in excess of $30.0 billion since Sun Capital's inception in 1995. Sun Capital has offices in Boca Raton, Los Angeles, New York, and Shenzhen, China as well as advisory offices in London and Tokyo. DATASOURCE: DriveSol Worldwide, Inc. CONTACT: Allan G. Hall of Hall Industrial Publicity, Inc., +1-248-705-8272, FAX: +1-248-645-0906, ; Rex Smith, VP Sales & Marketing of DriveSol Worldwide, Inc., +1-248-729-2244, FAX: +1-248-269-9934, ; or Gary M. Talarico, Managing Director of Sun Capital Partners, Inc., +1-212-588-9156 Web site: http://www.drivesol.com/ http://www.timken.com/

Copyright