CANTON, Ohio, March 18,
2014 /PRNewswire/ -- The Timken Company (NYSE: TKR;
www.timken.com) has established a joint venture (JV) with European
Bearing Corporation (EPK) aimed at serving industrial markets in
Russia and the broader
Commonwealth of Independent States (CIS). The JV will
leverage EPK's position as a leading domestic manufacturer in
Russia and the CIS with The Timken
Company's strength as a key global bearing designer and
manufacturer. The JV, which is contingent upon various
regulatory approvals and other customary conditions, will operate
as EPK-Timken Bearing Company.
"This agreement represents a coordinated commitment to provide
industrial customers with a single source of bearings locally that
deliver the most reliable performance to meet their current and
future needs," said Alexander
Moskalenko, chief executive officer of EPK.
As part of the JV, Timken and EPK expect to present a
consolidated approach to the marketplace, with plans to combine
their industrial sales teams in that area and build a new
manufacturing facility in a yet-to-be named location to produce
large bore industrial bearings. Construction is expected to
start in 2015, with production commencing 24 to 36 months
thereafter.
In driving its strategy to grow around the world and diversify
its product portfolio, Timken has entered into agreements with
strategic partners with the particular goal of enhancing the
company's presence and market position in important emerging
economies.
"Timken continues to pursue growth opportunities globally,
investing in geographies where critical market sectors like energy
and infrastructure development are expected to generate demand for
Timken premium bearings and related products," said
Christopher Coughlin, Timken group president. "We've been
conducting business in this area of the world for decades and
directly supporting customers in Russia for more than 20 years. Together, we
expect Timken and EPK will be able to provide unparalleled
capabilities to industrial customers in Russia and the broader CIS region, which
continue to be strategic markets for us."
About EPK
OAO EPK (www.epkgroup.ru) is the
largest bearing manufacturer in the CIS region that produces
bearings for all of the mechanical engineering industries.
The company represents the Russian bearing industry in the
International Standards Organization (ISO). On 31 May, 2013, Standard & Poor's awarded EPK a
"BB" long-term corporate credit rating, with a "stable"
forecast.
Today EPK comprises OAO EPK Moscow, OAO EPK Volzhskiy, OAO EPK
Saratov, OAO EPK Samara, AO Stepnogorsk Bearing Plant (Kazakhstan), EPK-Brenco (a Joint Venture with
Amsted Rail), as well as EPK Engineering Center and OOO EPK Trade
House with branches in Russia and
abroad. EPK employs 11,130 people, with 2013 revenue under
IFRS (International Financial Reporting Standards) of USD
$452 million.
About The Timken Company
The Timken Company
(NYSE: TKR; www.timken.com), a global bearing designer and
manufacturer, applies its deep knowledge of materials, friction
management and power transmission to improve the reliability and
efficiency of industrial machinery and equipment all around the
world. The company engineers, manufactures and markets
mechanical components and high-performance steel.
Timken® bearings, engineered steel bars and tubes—as
well as transmissions, gearboxes, chain, related products and
services—support diversified markets worldwide. With sales of
$4.3 billion in 2013 and
approximately 19,000 people operating from 28 countries, Timken
makes the world more productive and keeps industry in motion.
Media Contact:
Pat Carlson
Burnham
Global Media Relations
1835 Dueber Avenue, S.W.
Canton, OH 44706-0927 U.S.A.
Telephone: (330)471-3514
pat.carlson@timken.com
Investor Contact:
Steve
Tschiegg
Director – Capital Markets & Investor Relations
1835 Dueber Avenue, S.W.
Canton, OH 44706-0927 U.S.A.
Telephone: (330)471-7446
steve.tschiegg@timken.com
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SOURCE The Timken Company