Timken completes acquisition of ABC Bearings
The acquisition of ABC Bearings furthers Timken’s global leadership position in tapered roller bearings by expanding its presence in India and enhancing its export capabilities to serve global markets.
Timken India Ltd., a subsidiary of The Timken Company, a global leader in engineered bearings and power transmission products, has completed the previously announced acquisition of ABC Bearings Ltd.
“The acquisition of ABC Bearings furthers Timken’s global leadership position in tapered roller bearings by expanding our presence in India and enhancing our export capabilities to serve global markets,” Richard G. Kyle, Timken’s president and chief executive officer, said.
“With its strong operations and talented team, ABC Bearings will allow us to competitively serve our customers and accelerate growth opportunities across our core bearing product lines,” Richard G. Kyle added.
“We are excited to welcome ABC Bearings’ shareholders, employees and customers to Timken,” said Sanjay Koul, chairman and managing director of Timken India.
ABC Bearings, headquartered in Mumbai, India, has more than 400 employees and operates primarily out of manufacturing facilities in Bharuch, Gujarat, Dehradun, and Uttarakhand. ABC Bearings serves an established original equipment customer base, focusing on heavy truck and off-highway industries. For the year ending March 2018, ABC sales were ~Rs193.5cr.
The transaction was structured as a merger of ABC Bearings Ltd. into Timken India Ltd., whereby shareholders of ABC Bearings received shares of Timken India as consideration.
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