Timken expects roller bearings unit sale by year-end
Jul 29, 2009 | 11:29 AM
| Maria Guzzo
Timken Co. expects to make about $330 million in cash selling its needle roller bearings business to a Japan's JTEKT Corp., a deal it expects to close by year-end.
"This transaction is a major step forward in our strategy to transform our portfolio to focus on industrial sectors with strong aftermarkets," James W. Griffith, Timken president and chief executive officer, said. "It positions us to concentrate our resources on areas where we can realize mutual value with our customers."....
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