CHINA: Timken buys out JV partner
Auto bearing maker Timken has announced that it is to purchase all equity of Yantai Timken Co., its Chinese joint venture partner, increasing its stake to 100 percent. James W. Griffith, Timken's president and chief operating officer, said that with the buyout of its local venture partner, "we intend to speed up the transfer of leading edge technology to Yantai Timken to manufacture there both for Chinese and export markets."
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