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The Timken Company Completes Sale of Kilian® Bearings Business

CANTON, Ohio, Oct. 22 /PRNewswire-FirstCall/ -- The Timken Company (NYSE: TKR) today completed its sale of the Kilian Manufacturing Corporation and its affiliate, Kilian Canada ULC to an affiliate of Genstar Capital, L.P., a private investment firm.


Timken announced the proposed sale on September 9.


Kilian produces machined-race bearings, including ball and roller bearings and assemblies, for broad industrial and automotive applications and in 2003 had net sales of approximately $40 million. Founded in 1922, Kilian employs 368 at manufacturing facilities in Syracuse, N.Y. and Toronto, Canada. Its products are used in such diverse applications as sliding and overhead doors, furniture, appliances, conveyors and automotive steering. Kilian was acquired by The Torrington Company in 1975. Timken acquired Torrington in 2003.


The Timken Company (NYSE: TKR, www.timken.com) is a leading global manufacturer of highly engineered bearings and alloy steels and a provider of related products and services with operations in 29 countries. The company recorded 2003 sales of $3.8 billion and employed approximately 26,000 at year-end.


For Additional Information: Denise Bowler, Manager - Associate & Financial Communications, +1-330-471-3485, or Investors, Kevin R. Beck, Manager - Investor Relations, +1-330-471-7181, both of The Timken Company

 

SOURCE The Timken Company