Timken Sells Precision Components Europe Business
Resource from: CBCC Likes:2961
Jul 03,2006
The Timken Company today announced the sale of Timken Precision Components - Europe to a group of investors made up of the unit's current management team members. The business serves customers in Europe's automotive sector and bearing industry and had 2005 sales of 23.3 million euros ($28.8 million).
Timken Precision Components - Europe produces precision-machined steel components for automotive transmissions and airbags, along with components for industrial bearings, at two facilities in France. The Fougeres plant manufactures high-volume components and the Marnaz facility produces low- and medium-volume components. The plants currently employ approximately 120 people.
"Selling this business to the local management team will result in new growth opportunities for the operation. It is also consistent with our goal to focus the Steel Group on our core alloy and steel components business as part of Timken's broader strategy to drive profitable growth," said Cengiz Kurkcu, president - Precision Steel Components. "Timken will continue to purchase products and services from the newly independent business and will work closely with the new owners during the transition."
About The Timken Company
The Timken Company 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.
Media Contact: Jeff Dafler, Manager - Global Media & Government Relations, Telephone: (330) 471-3514, Facsimile: (330) 471-7032, jeff.dafler@timken.com
Investor Contact: Steve Tschiegg, Manager - Investor Relations, Telephone: (330) 471-7446, Facsimile: (330) 471-2797, steve.tschiegg@timken.com
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