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Timken Co. to Acquire Torrington from Ingersoll-Rand

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It was announced today that the Timken Company had reached an agreement with Ingersoll-Rand to acquire their Torrington subsidiary. The acquisition is valued at approximately $840 million, made up of $700 million in cash and $140 million in Timken stock. The deal is expected to close in the first quarter of 2003.

Torrington are a world leader in the manufacture needle roller, heavy duty roller and ball bearings. The acquisition will make Timken the third largest bearings company in the world and enable them to offer their customers a larger product range.

The acquisition also significantly expands Timken’s range of products for the automotive and industrial bearings-based industries. In fact they will become one of the top 100 automotive suppliers worldwide, with operations in 26 countries.

For more information on bearings, click here.

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