NORTH CANTON, Ohio,
July 5, 2017 /PRNewswire/ -- The
Timken Company (NYSE: TKR; www.timken.com), a world leader in
engineered bearings and mechanical power transmission products,
today announced that its majority-owned subsidiary, Timken India
Ltd., has entered into a definitive agreement to acquire ABC
Bearings Ltd., a manufacturer of tapered, cylindrical and spherical
roller bearings, and slewing rings in India.
The transaction is structured as a merger of ABC Bearings Ltd.
into Timken India Ltd., whereby shareholders of ABC Bearings will
receive shares of Timken India as consideration. The
transaction is subject to receipt of various approvals in
India, which are expected to take
at least six months to complete.
"Timken is a leader in the growing Indian bearing market, and
the acquisition of ABC Bearings will expand our capacity, our
customer base and our locally produced product breadth," said
Richard G. Kyle, Timken president
and chief executive officer. "In addition, we expect to leverage
ABC Bearings' competitive manufacturing footprint to serve export
markets."
ABC Bearings is a public limited company listed on the BSE
Limited, with its registered office in Mumbai, India. The company operates primarily
out of manufacturing facilities in Bharuch, Gujarat, and Dehradun,
Uttarakhand. ABC Bearings serves an established original
equipment customer base in India,
focusing on heavy truck and off-highway industries. In 2016,
sales were approximately $29
million.
Timken India is a public limited company listed on the National
Stock Exchange of India Limited and BSE Limited. Following the
acquisition, Timken will maintain a majority stake in Timken India,
and Timken will continue to consolidate Timken India in its
financial results.
About The Timken Company
The Timken Company (NYSE: TKR; www.timken.com) engineers,
manufactures and markets bearings, gear drives, belts, chain,
couplings, and related products, and offers a spectrum of
powertrain rebuild and repair services. The leading authority on
tapered roller bearings, Timken today applies its deep knowledge of
metallurgy, tribology and mechanical power transmission across a
variety of bearings and related systems to improve reliability and
efficiency of machinery and equipment all around the world. The
company's growing product and services portfolio features many
strong industrial brands including Timken®,
Fafnir®, Philadelphia Gear®,
Drives®, Lovejoy® and Interlube™. Known for
its quality products and collaborative technical sales model,
Timken posted $2.7 billion in sales
in 2016. With more than 14,000 employees operating from 28
countries, Timken makes the world more productive and keeps
industry in motion.
Certain statements in this release (including statements
regarding the company's estimates and 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, the statements regarding the company's expectations
regarding growth initiatives, expansion of its global footprint
and expected market opportunities 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 or unexpected delay in the completion of the
acquisition due to either the failure to satisfy any condition to
the closing of the transaction, including receipt of shareholder or
regulatory approval, the impact of pending regulatory or stock
exchange proceedings or approvals, or the occurrence of any event,
change or other circumstance that could give rise to the
termination of the scheme of merger or implementation agreement;
the inability to successfully integrate the newly acquired business
into the company's operations or achieve the expected synergies
associated with the acquisition; and adverse changes in the markets
served by the newly acquired business. Additional factors are
discussed in the company's filings with the Securities and Exchange
Commission, including the company's Annual Report on Form 10-K for
the year ended Dec. 31, 2016, quarterly reports on Form 10-Q
and current reports on Form 8-K. Except as required by the federal
securities laws, the company undertakes no obligation to publicly
update or revise any forward-looking statement, whether as a result
of new information, future events or otherwise.
Media Relations:
234.262.3514
mediarelations@timken.com
Investor Relations:
Jason Hershiser
234.262.7101
jason.hershiser@timken.com
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SOURCE The Timken Company