Timken Named One of the World's Most Ethical Companies for the Eighth Time
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 inMumbai, 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.
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