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Article: THE WEEK; JULY 27 - AUGUST 2.(NEWS)
- Article from:
- Crain's Cleveland Business
- Article date:
- August 3, 2009
CopyrightCOPYRIGHT 2009 Crain Communications, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Getting its bearings: Timken Co. agreed to sell the assets of its Needle Roller Bearings business, which primarily serves customers in the automotive original-equipment sector, to Japan's JTEKT Corp. for about $330 million cash. Timken expects the deal to close by the end of 2009. Proceeds from the sale would provide the maker of bearings and steel with increased liquidity and would be used for general company purposes. "This transaction is a major step forward in our strategy to transform our portfolio to focus on industrial sectors with strong aftermarkets, said James W. Griffith, Timken president and CEO.
Package deal: Dutch packaging giant Clondalkin Group ...