Timken on Wednesday confirmed Japan’s Jtekt as the buyer of its auto OEM-focused needle roller bearings business for US$330m cash.
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The supplier had earlier this week acknowledged the sale but did not name the buyer though that had been widely reported.
Proceeds from the sale, expected to be finalised by the end of the year, would provide increased liquidity and be used for general company purposes, Timken said.
The business was part of the broader Torrington acquisition Timken made in 2003 and employs 3,400 people.
“This transaction is a major step forward in our strategy to transform our portfolio to focus on industrial sectors with strong aftermarkets,” said president and chief executive officer James Griffith.
The deal includes factories in the US and Canada, Czech Republic, France, Germany, Spain and China.
