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Automotive Industry
Industry: Email Alert RSS FeedTimken Completes Torrington acquisition
Automotive Industries, March, 2003
The Timken Co. has completed its acquisition of The Torrington Co. that it announced October 2002. Timken acquired Torrington from Ingersoll-Rand for $840 million -- $700 million in cash and Timken shares valued at $140 million.
Timken expects the acquisition to be accretive to earnings per share by at least 10 percent in 2003. Timken's acquisition of Torrington creates the world's third-largest bearing company with approximately $3.8 billion in sales and expands the company's portfolio of automotive and industrial bearings-based products and service solutions.
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