The Timken Company signed an agreement to sell the assets of its Needle Roller Bearings business, which primarily serves customers in the automotive original-equipment sector, to Japan’s JTEKT Corporation in a cash transaction. Upon closing, which is expected to occur by the end of 2009, Timken would receive approximately $330 million in cash. The business has approximately 3,400 associates and manufactures highly engineered needle roller bearings, including an extensive range of radial and thrust needle roller bearings, as well as bearing assemblies and loose needles, for automotive and industrial applications. The Needle Roller Bearings business was part of the broader Torrington acquisition Timken made in 2003.
North American facilities included in the agreement are: Cairo, Dahlonega and Sylvania, Ga.; Greenville and Walhalla, S.C.; and Bedford, Quebec. European and Asian facilities include: Brno and Olomouc, Czech Republic; Maromme, Moult and Vierzon, France; Kuensebeck, Germany; Bilbao, Spain; and LiYuan District, China. The agreement is subject to customary regulatory approvals and certain closing conditions.