Timken buying bearing maker based in India
JACKSON TWP. Timken Co.’s business unit in India has struck a deal to purchase ABC Bearings Ltd., which makes a variety of bearings.
Under the deal, ABC Bearings will merge into Timken India Ltd.
Shareholders of ABC Bearings will receive shares of Timken India. The deal is subject to various approvals in India and is expected to take six months to complete.
It’s the second purchase Timken has announced in the last 10 days and seventh over the past 12 months. Last week the company announced it has and agreement to buy Groeneveld Group, a company that makes automatic lubrication systems and is based in the Netherlands.
ABC Bearings makes tapered, cylindrical and spherical roller bearings, along with slewing rings, at two facilities in India. The company supplies an established original equipment customer base that is focused on the heavy truck and off-highway industries. It reported sales of about $29 million in 2016.
Adding ABC Bearings will allow Timken to expand its capacity, customer base and locally produced product breadth in India, Richard G. Kyle, Timken president and chief executive officer, said in a press release. “In addition, we expect to leverage ABC Bearings’ competitive manufacturing footprint to serve export markets.”
Timken India is a public limited company listed on markets in India. Following the ABC purchase, Timken will maintain a majority stake in Timken India and will continue to consolidate Timken India in its financial results.
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