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Rail News Home Rail Industry Trends

10/17/2002



Rail News: Rail Industry Trends

Timken reaches deal to acquire Torrington


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On Oct. 16, The Timken Co. announced it reached an $840 million agreement with Ingersoll-Rand Company Ltd. to acquire Torrington, a worldwide producer of needle roller, heavy-duty roller and ball bearings, and motion-control components and assemblies.


Ingersoll-Rand would receive $700 million cash and $140 million in Timken shares. The parties expect to close the transaction in first-quarter 2003.


Acquiring Torrington, which last year recorded $1.1 billion in sales, would enable Timken to operate on six continents and earn about $3.6 billion in annual revenue, according to a prepared statement.


Officials believe the acquisition would broaden Timken's portfolio of automotive and industrial bearings-based products and services, making the company the world's third-largest bearings supplier.


The transaction also would strengthen Timken's presence in Europe, Asia and Latin America, and other emerging markets, said Chairman W. R. Timken Jr.


Torrington has a worldwide workforce of 10,500, and operates more than 50 offices and 27 manufacturing plants in North and South America, Europe and Asia.


Contact Progressive Railroading editorial staff.

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