Timken Completes Acquisition of ABC Bearings Ltd., Further Expanding Its Business in India
Deepthi | Myequity news | Date : 30-08-2018 17:30:00 IST
Timken India Ltd., a subsidiary of The Timken Company, a global leader in engineered bearings and power transmission products, has completed the previously announced acquisition of ABC Bearings Ltd., a manufacturer of tapered, cylindrical and spherical roller bearings and slewing rings based in India.
"The acquisition of ABC Bearings furthers Timken's global leadership position in tapered roller bearings by expanding our presence in India and enhancing our export capabilities to serve global markets," said Richard G. Kyle, Timken president and chief executive officer. "With its strong operations and talented team, ABC Bearings will allow us to competitively serve our customers and accelerate growth opportunities across our core bearing product lines."
"We are excited to welcome ABC Bearings' shareholders, employees and customers to Timken," said Sanjay Koul, chairman and managing director of Timken India. "The addition of ABC Bearings is an important milestone for our business India and provides our customers with an expanded offering of innovative and competitive solutions for their friction management and mechanical power transmission needs."
The transaction was structured as a merger of ABC Bearings Ltd. into Timken India Ltd., whereby shareholders of ABC Bearings received shares of Timken India as consideration. About Timken India Ltd.:
Timken India Ltd., a subsidiary of The Timken Company, is a public limited company listed on the National Stock Exchange of India Limited and BSE Limited. Timken India local operations include a state-of-the-art bearing manufacturing facility in Jamshedpur, Jharkhand, and gear service center in Raipur, Chattisgarh.