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."....
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