TIMKEN Attitude Toward Acquisition Provisions
Sept. 8, "Provisions on Foreign Enterprises Acquire Inbound Enterprises" formally came into effect. Officials from TIMKEN expressed their attitude toward the provision and revealing their future planning in China.
James W .Griffith,CEO of TIMKEN, told CBN(China Business News) that they refused to talk about the their involvement in the LYC acquisition, but it is confirmed that they would like to seek a partner in China to expand their business. At present, no specific candidate has been locked.
Except for Schaeffler Group, TIMKEN is the other foreign contender in LYC-Acquisition. However, they have few chance to win the bid for their lower price and restriction by the just implemented provinsion.
About the newly implemented provinsion, James indicated that it will have few influence on their development strategy in China. He added :"Even if TIMKEN succeded in acquiring one of Chinese bearing enterprises, it would result in no threat to Chinese bearing industry. Because bearing industry is so decentralized in China that no single enterprise can monopolize the whole market."
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