Timken Finalizes Sale of Needle Roller Bearings Business to JTEKT
31 Dicembre 2009 - 10:49PM
Business Wire
The Timken Company (NYSE: TKR) today announced it completed the
sale of its Needle Roller Bearings business to Japan’s JTEKT
Corporation.
Timken received approximately $330 million, including retained
receivables, from the sale. These proceeds will be used for general
company purposes, while also providing additional liquidity,
bolstering the company’s financial position in a year it expects to
generate strong cash from operations.
“The completion of this deal is a win for everyone involved,”
said James W. Griffith, Timken president and chief executive
officer. “The Needle Roller Bearings business’ new owner is
committed to the automotive industry, which provides new
opportunity to customers and the talented associates who are
transferring with the deal.
“As to Timken, we’ve fundamentally changed our portfolio of
business, in line with our strategy to optimize the enterprise. The
resources now in hand can be used to create greater value for our
customers and shareholders, including pursuit of new growth in
attractive industrial sectors.”
Part of Timken’s acquisition of Torrington in 2003, the Needle
Roller Bearings business manufactures highly engineered needle
roller bearings for automotive and industrial applications.
Facilities becoming part of JTEKT on January 1, 2010, are in these
locations:
- 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.
For the first nine months of 2009, the Needle Roller Bearings
business had approximately $289 million in sales and incurred a
loss of about $59 million. While the divestiture will reduce
Timken’s sales for the full year, the net effect on the company’s
earnings is expected to be positive.
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 three technology centers around the world, the
Needle Roller Bearings business primarily serves original-equipment
and tier-one automotive manufacturers, including customers in North
America, Europe and Asia.
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 (NYSE: TKR, http://www.timken.com) 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 may be "forward-looking" statements within the meaning of
the Private Securities Litigation Reform Act of 1995. In
particular, the statements related to the company’s financial
performance in 2009 or future years and the impact of the sale 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 company's ability to profitably redeploy the funds
received from the transaction. Additional factors are described 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 September 30, 2009. The company
undertakes no obligation to update or revise any forward-looking
statement.
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