Timken Named One of the World's Most Ethical Companies for the Eighth Time

Release Time：13 Feb,2018

<p style="box-sizing:border-box;font-size:16px;line-height:1.5;margin-top:0px;margin-bottom:1.375rem;list-style-type:none;-webkit-padding-start:0px;-webkit-margin-before:0px;-webkit-margin-after:0px;padding:0px;color:#555559;font-family:lato, sans-serif;white-space:normal;"> The Timken Company (NYSE: TKR;www.timken.com<a target="_blank" href="http://www.timken.com/" rel="nofollow" style="box-sizing:border-box;text-decoration:none;line-height:inherit;color:#FF8300;-webkit-transition:color 0.2s ease-in-out;transition:color 0.2s ease-in-out;cursor:pointer;"></a>), a world leader in engineered bearings and mechanical power transmission products, today announced that its majority-owned subsidiary, Timken India Ltd., has entered into a definitive agreement to acquire ABC Bearings Ltd., a manufacturer of tapered, cylindrical and spherical roller bearings, and slewing rings in&nbsp;<span class="xn-location" style="box-sizing:border-box;">India</span>. </p> <div class="PRN_ImbeddedAssetReference" id="DivAssetPlaceHolder1" style="box-sizing:border-box;color:#555559;font-family:lato, sans-serif;font-size:16px;line-height:normal;white-space:normal;"> <p style="box-sizing:border-box;font-size:inherit;line-height:1.5;margin-top:0px;margin-bottom:1.375rem;list-style-type:none;-webkit-padding-start:0px;-webkit-margin-before:0px;-webkit-margin-after:0px;padding:0px;"> <img src="https://mma.prnewswire.com/media/333357/the_timken_company_logo.jpg" title="The Timken Company Logo. (PRNewsFoto/The Timken Company) (PRNewsFoto/) (PRNewsFoto/)" alt="The Timken Company Logo. (PRNewsFoto/The Timken Company) (PRNewsFoto/) (PRNewsFoto/)" style="box-sizing:border-box;border-style:none;max-width:250px;height:auto !important;display:inline-block;vertical-align:middle;margin:0px 0px 20px 20px;float:right;max-height:250px;width:auto !important;" /> </p> </div> <p style="box-sizing:border-box;font-size:16px;line-height:1.5;margin-top:0px;margin-bottom:1.375rem;list-style-type:none;-webkit-padding-start:0px;-webkit-margin-before:0px;-webkit-margin-after:0px;padding:0px;color:#555559;font-family:lato, sans-serif;white-space:normal;"> The transaction is structured as a merger of ABC Bearings Ltd. into Timken India Ltd., whereby shareholders of ABC Bearings will receive shares of Timken India as consideration.&nbsp; The transaction is subject to receipt of various approvals in&nbsp;<span class="xn-location" style="box-sizing:border-box;">India</span>, which are expected to take at least six months to complete.&nbsp;&nbsp; </p> <p style="box-sizing:border-box;font-size:16px;line-height:1.5;margin-top:0px;margin-bottom:1.375rem;list-style-type:none;-webkit-padding-start:0px;-webkit-margin-before:0px;-webkit-margin-after:0px;padding:0px;color:#555559;font-family:lato, sans-serif;white-space:normal;"> "Timken is a leader in the growing Indian bearing market, and the acquisition of ABC Bearings will expand our capacity, our customer base and our locally produced product breadth," said&nbsp;<span class="xn-person" style="box-sizing:border-box;">Richard G. Kyle</span>, Timken president and chief executive officer. "In addition, we expect to leverage ABC Bearings' competitive manufacturing footprint to serve export markets." </p> <p style="box-sizing:border-box;font-size:16px;line-height:1.5;margin-top:0px;margin-bottom:1.375rem;list-style-type:none;-webkit-padding-start:0px;-webkit-margin-before:0px;-webkit-margin-after:0px;padding:0px;color:#555559;font-family:lato, sans-serif;white-space:normal;"> ABC Bearings is a public limited company listed on the BSE Limited, with its registered office in<span class="xn-location" style="box-sizing:border-box;">Mumbai, India</span>. The company operates primarily out of manufacturing facilities in Bharuch, Gujarat, and Dehradun, Uttarakhand. &nbsp;ABC Bearings serves an established original equipment customer base in&nbsp;<span class="xn-location" style="box-sizing:border-box;">India</span>, focusing on heavy truck and off-highway industries.&nbsp; In 2016, sales were approximately&nbsp;<span class="xn-money" style="box-sizing:border-box;">$29 million</span>. </p> <p style="box-sizing:border-box;font-size:16px;line-height:1.5;margin-top:0px;margin-bottom:1.375rem;list-style-type:none;-webkit-padding-start:0px;-webkit-margin-before:0px;-webkit-margin-after:0px;padding:0px;color:#555559;font-family:lato, sans-serif;white-space:normal;"> Timken India is a public limited company listed on the National Stock Exchange of India Limited and BSE Limited. Following the acquisition, Timken will maintain a majority stake in Timken India, and Timken will continue to consolidate Timken India in its financial results.&nbsp; </p>