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Timken reaches deal to acquire Torrington


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.

More News from 10/17/2002