The Timken Co., (TKR) announced the completion of the sale of its Needle Roller Bearings business to Japan's JTEKT Corp. Timken received about $330 million, including retained receivables, from the sale. These proceeds will be used for general company purposes, while also providing additional liquidity, bolstering the company's financial position in a year it expects to generate strong cash from operations.
Part of Timken's acquisition of Torrington in 2003, the Needle Roller Bearings business manufactures highly engineered needle roller bearings for automotive and industrial applications. Facilities becoming part of JTEKT on January 1, 2010, are in these locations:
For the first nine months of 2009, the Needle Roller Bearings business had approximately $289 million in sales and incurred a loss of about $59 million. While the divestiture will reduce Timken's sales for the full year, the net effect on the company's earnings is expected to be positive.
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