Timken completed its sale of needle business in Japan JTEKT

United States TIMKEN company, December 31, 2009 announced, Timken Company completed the sale of its Needle Roller Bearings business in Japan JTEKT Timken Company received including retention receivables, including about 330 million U.S. dollars, according to TIMKEN bearings China news agency, said that these funds primarily to increase the company's cash flow in order to create more value with.
U.S. Timken president and CEO James Griffith completed its sale of roller when it comes to business, "The sale of its Needle Roller Stainless steel slewing bearing business in Japan JTEKT is a win-win deal, Japan, Czech Republic Taige special is a leading global steering and driveline components manufacturer, which can provide users with better integrated automotive services and products, and for TIMKEN tapered bearing company, to sell its needle business, also in line with the company's business development and strategy, so that we can use these funds for our customers and create more value for shareholders, including the economic growth of the industrial sector has great creativity of its former sales in the first nine months was $ 289 million, although it will reduce the company's annual sales, but is expected to have a positive corporate earnings TIMKEN influence. (TIMKEN bearings distributor editor)
Timken Company's Needle on the U.S. and Japan, JTEKT business:
American business is the Timken Timken Company Needle Company 2003 acquisition of Torrington business, in 2008, when sales reached $ 621 million, and has 12 production bases and three technology centers, 3,400 employees, and its main equipment and front-line business is the beginning of automobile manufacturers, their customers are widely distributed in North America, Europe and Asia