Heat Treat Industry News

July 31, 2009

Timken announces the sale of their Needle Roller Bearings business to JTEKT

On July 29, 2009, 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. The agreement is subject to customary regulatory approvals and certain closing conditions.

The closing is expected to occur by the end of 2009, Upon closing Timken would receive approximately $330 million in cash for the business, subject to adjustments for working capital. Proceeds from the sale will provide increased liquidity and be used for general company purposes.

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