Timken Completes Acquisition Of ABC Bearings
Timken India Limited, a subsidiary of The Timken Company, a global leader in engineered bearings and power transmission products, has completed the acquisition of ABC Bearings Limited, a manufacturer of tapered, cylindrical and spherical roller bearings and slewing rings based in India.
"The acquisition of ABC Bearings furthers Timken's global leadership position in tapered roller bearings by expanding our presence in India and enhancing our export capabilities to serve global markets," said Richard G. Kyle, Timken president and chief executive officer. "With its strong operations and talented team, ABC Bearings will allow us to competitively serve our customers and accelerate growth opportunities across our core bearing product lines."
"We are excited to welcome ABC Bearings' shareholders, employees and customers to Tim ken," said Sanjay Koul, chairman and managing director of Tim ken India. "The addition of ABC Bearings is an important milestone for our business in India and provides our customers with an expanded offering of innovative and competitive solutions for their friction management and mechanical power transmission needs."
ABC Bearings, headquartered in Mumbai, India, has more than 400 employees and operates primarily out of manufacturing facilities in Bharuch, Gujarat, and Dehradun, Uttarakhand. ABC Bearings serves an established original equipment customer base, focusing on heavy truck and off-highway industries. Year ending March 2018, ABC sales were approximately Rs. 1,935 million.
The transaction was structured as a merger of ABC Bearings Limited into Timken India Limited, whereby shareholders of ABC Bearings received shares of Tim ken India as consideration.