Timken sells Latrobe Steel division for $215M in cash
Dec 11, 2006 | 11:16 AM
| Maria Guzzo
Timken Co., Canton, Ohio, has sold its Latrobe Steel subsidiary in Latrobe, Pa., for about $215 million in cash.
The company's name has been changed to Latrobe Specialty Steel Co. by its new owners—Watermill Group, Lexington, Mass.; Hicks Holdings LLC, Dallas; and Sankaty Advisors LLC, Boston. It will operate as a private company, maintaining current management and employees.
Timken said the proceeds from the sale will be used for general corporate purposes, including strategic growth initiatives and pension funding.
Selling some of Timken'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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