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The eBearing News
July 3, 2006
Timken Sells European
Precision Components Business
copyright © 2006 eBearing Inc.
The Timken Company (USA; NYSE:
TKR)
announced it has sold Timken Precision Components - Europe.
Buyers are a group of investors headed by the business unit's management team.
Note: Timken later reported a loss of $9.97 million on the sale.
Precision Components - Europe manufactures precision-machined steel components for automotive applications
such as transmissions and airbags, along with industrial bearing components. The unit,
part of Timken's Steel Group, employs
approximately 120 people across two locations in France.
The plant in Fougeres manufactures high-volume
components, while the plant in Marnaz manufactures low-volume and medium-volume components.
Both operations use rings cut from bar and seamless tube.
Timken acquired the operations via its late 2001
acquisition of Lecheres Industries SAS, the parent company of Bamarec S.A.
At the time, the business employed 190 people and had sales from the two locations of
approximately USD $20 million.
Last year, the unit recorded sales of approximately $29 million.
Cengiz Kurkcu, President of Precision Steel Components, said: "Selling this business to the local
management team will result in new growth opportunities for the operation. It is also consistent
with our goal to focus the Steel Group on our core alloy and steel components business as part
of Timken's broader strategy to drive profitable growth. Timken will continue to purchase products
and services from the newly independent business and will work closely with the new owners during
the transition."
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- by Bruce A. Carr
from individual research,
tips and commercial sources.
Bruce Carr edited this content.
Copyrighted material; unauthorized reproduction prohibited.
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eBearing.com ... for everything that moves™
Entire contents Copyright © 1999-2011, eBearing Inc. All rights reserved.
eBearing.com and "... for everything that moves" are registered trademarks of eBearing Inc.
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