Timken Signs Agreement to Sell Needle Roller Bearings Business to JTEKT
29 Luglio 2009 - 12:03PM
Business Wire
The Timken Company (NYSE: TKR) today announced it has signed an
agreement to sell the assets of its Needle Roller Bearings
business, which primarily serves customers in the automotive
original-equipment sector, to Japan’s JTEKT Corporation in a cash
transaction. The agreement is subject to customary regulatory
approvals and certain closing conditions.
Upon closing, which is expected to occur by the end of 2009,
Timken would receive approximately $330 million in cash for the
business, subject to adjustments for working capital. Proceeds from
the sale will provide 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 W. Griffith, Timken president and chief
executive officer. “It positions us to concentrate our resources on
areas where we can realize mutual value with our customers.”
The Needle Roller Bearings business was part of the broader
Torrington acquisition Timken made in 2003. The business has
approximately 3,400 associates and manufactures highly engineered
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.
Facilities included in the agreement are:
- North America: Cairo, GA;
Dahlonega, GA; Sylvania, GA; Greenville, SC; Walhalla, SC; and
Bedford, Quebec, Canada.
- Europe: Brno and Olomouc,
Czech Republic; Maromme, Moult, and Vierzon, France; Kuensebeck,
Germany; and Bilbao, Spain.
- Asia: LiYuan District,
China.
Notice of Conference Call and
Further Information:
The company will host its quarterly earnings conference call for
investors and analysts, during which management will discuss the
planned divestiture.
Conference Call: Wednesday, July 29, 2009
11 a.m. Eastern Time
All Callers: Live Dial-In: 800-344-0593 or 706-634-0975
(Call in 10 minutes prior to be included.) Conference ID: 68491744
Replay Dial-In through Aug. 7, 2009: 800-642-1687 or 706-645-9291
Live Webcast:
www.timken.com/investors
Additional information about Timken, the Needle Roller Bearings
business and JTEKT is available online at
www.timken.com/needlebearings.
About the Needle Roller
Bearings Business
A leading global manufacturer of highly engineered needle roller
bearings for automotive and mobile applications, the Needle Roller
Bearings business was originally formed in 1912, and acquired by
Timken through its acquisition of The Torrington Company in
February 2003. The business had $621 million in sales in 2008 and
employs approximately 3,400 associates. With 12 manufacturing
facilities and 3 engineering technology centers around the world,
the Needle Roller Bearings business primarily serves
original-equipment and tier-one automotive manufacturers, including
North American, European and Japanese customers.
About JTEKT
JTEKT Corporation (“JTEKT”, www.jtekt.co.jp/e) is a leading
Japanese manufacturer of steering systems, driveline components,
bearings and machine tools. The company’s bearings solutions are
used in a wide variety of applications, including automobiles, jet
engines, windmill power generators, and shinkansen (bullet trains).
JTEKT was formed in January 2006 following the merger of Toyoda
Machine Works Ltd. and Koyo Seiko Co. Ltd. Koyo Seiko was founded
in 1921, and Toyoda Machine Works in 1941. Headquartered in Nagoya
and Osaka, JTEKT has 34,000 employees, with operations in 70
locations worldwide, encompassing Asia/Oceania, North America and
Europe. JTEKT’s president is Motohiko Yokoyama, and chairman is
Kohshi Yoshida. As of March 31, 2009, JTEKT had sales of $10.9
billion (1,017 billion JPY).
About The Timken
Company
The Timken Company keeps the world turning, with innovative
friction management and power transmission products and services,
enabling our customers’ machinery to perform more efficiently and
reliably. With sales of $5.7 billion in 2008 and operations in 26
countries, Timken is Where You Turn™ for better performance.
Certain statements in this news release (including statements
regarding the company's expectations) that are not historical in
nature are "forward-looking" statements within the meaning of the
Private Securities Litigation Reform Act of 1995. In particular,
statements related to the timing of the closing of the sale, and
the amount of cash to be received at the closing, are
forward-looking. The company cautions that actual results may
differ materially from those projected or implied in
forward-looking statements due to a variety of important factors,
including: the inability to complete the acquisition due to either
the failure to satisfy any condition to the closing of the
transaction, including receipt of regulatory approval, or the
occurrence of any event, change or other circumstance that could
give rise to the termination of the purchase agreement; and adverse
changes in the market sectors served by the needle roller bearing
business. These and additional factors are described in greater
detail in the company's Annual Report on Form 10-K for the year
ended Dec. 31, 2008, page 44, and in the company’s Quarterly Report
on Form 10-Q for the quarter ended March 31, 2009. The company
undertakes no obligation to update or revise any forward-looking
statement.
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