CANTON, Ohio: July 27, 2009 –The Timken Company (NYSE:TKR) today announced it is in advanced discussions regarding the potential sale of its Needle Roller Bearings Business. However, the company has not yet reached a definitive agreement regarding the sale. There can be no assurance that a definitive agreement will be reached, nor that a sale, which would be subject to certain closing conditions, will be completed.
About The Timken Company
The Timken Company (NYSE: TKR, http://www.timken.com) keeps the world turning, with innovative friction management and power transmission products and services, enabling our customers to perform faster and more efficiently. With sales of $5.7 billion in 2008 and operations in 26 countries, Timken is Where You Turn™ for better performance.
Certain statements in this news release that are not historical in nature are “forward-looking” statements within the meaning of the Private Securities Litigation Reform Act of 1995. In particular, the statements related to expectations regarding the potential sale of the company’s Needle Roller Bearings Business are forward-looking. The company cautions that actual results may differ materially from those projected or implied in forward-looking statements due to a variety of important factors, including the ability to execute a definitive agreement for the sale of the business unit and the ability to successfully complete the sale if a definitive agreement is executed.
SOURCE: The Timken Company
Media Contact: Lorrie Paul Crum
Manager - Global Media and Strategic Communications
Mail Code: GNW-37
1835 Dueber Avenue, S.W.
Canton, OH 44706 U.S.A.
Telephone: (330) 471-3514
Facsimile: (330) 471-7032
lorrie.crum@timken.com
Investor Contact: Steve Tschiegg
Director - Capital Markets and Investor Relations
Mail Code: GNE-26
1835 Dueber Avenue, S.W.
Canton, OH 44706 U.S.A.
Telephone: (330) 471-7446
Facsimile: (330) 471-2797
steve.tschiegg@timken.com
For Additional Information:
www.timken.com/media