Timken sells Latrobe Steel unit for $215M cash
Dec 08, 2006 | 02:28 PM
| Maria Guzzo
Timken Co., Canton, Ohio, has sold its Latrobe Steel subsidiary in Latrobe, Pa., for about $215 million in cash to a group of investors led by the Watermill Group, Hicks Holdings LLC and Sankaty Advisors LLC.
The proceeds from the sale will be used for general corporate purposes, including strategic growth initiatives and pension funding, Timken said.
Selling some of the company's assets will boost its ability to generate consistent profitable growth, James W. Griffith, Timken's president and chief executive officer, said. "We believe the divestment of Latrobe Steel will create new opportunities for us to invest in key industrial markets that have the potential to generate greater value for our shareholders over time."....
To access AMM's full content, please log in below. If you do not have an AMM account, we invite you to take a free trial or subscribe below.
Already a registered amm.com user?
Access to amm.com editorial content is granted only to paid subscribers and trialists. If you do not have an active account in your own name, please either subscribe or take a trial and you will have instant access to amm.com content. Sharing your login credentials with individuals who are not subscribers represents a violation of AMM copyright.
Every morning, every minute no matter how often you follow the markets, there's an AMM subscription to fit your needs.
Not sure if you are ready to invest in a subscription right now? Take a free, no-obligation trial. Start your free trial today.