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Timken Sell Share in NSK Joint Venture

Timken have agreed to sell their share in their needle bearing joint venture with NSK for $146 million.

Timken acquired the share in the Japanese joint venture when they purchased bearing manufacturer Torrington. At this time NSK approached Timken regarding buying their share.

The current transaction will not affect other Timken/NSK joint ventures. The proceeds of the sale will be used to reduce debt following the $840 million acquisition of Torrington.

For more information on bearings, click here.

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