The Timken Company 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 India.
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. The transaction is subject to receipt of various approvals in India, which are expected to take at least six months to complete.
ABC Bearings is a public limited company listed on the BSE Limited, with its registered office in Mumbai, India. The company operates primarily out of manufacturing facilities in Bharuch, Gujarat, and Dehradun, Uttarakhand. ABC Bearings serves an established original equipment customer base in India, focusing on heavy truck and off-highway industries. In 2016, sales were approximately $29 million.
Published in the August 2017 Edition of American Recycler News