Timken Announces Divestiture of TWB Bearings Business in China

Rhea-AI Summary

The Timken Company has completed the sale of Jiangsu TWB Bearings Co., Ltd. to Zhejiang Tianma Bearing Group Co., Ltd. TWB, which manufactures roller bearings for elevators and construction equipment, had revenue of $40 million in 2022. Timken's global portfolio management strategy aims to target premium customers with highly engineered products.

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• Timken completed the sale of TWB, which could positively impact its financials and focus on premium customers.

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• None.

NORTH CANTON, Ohio, Oct. 26, 2023 /PRNewswire/ -- The Timken Company (NYSE: TKR; www.timken.com), a global leader in engineered bearings and industrial motion products, today completed the sale of Jiangsu TWB Bearings Co., Ltd. (TWB) to Zhejiang Tianma Bearing Group Co., Ltd. In 2022, TWB posted revenue of approximately $40 million. Other terms of the deal were not disclosed.

Based in Jiangsu Province, China, TWB manufactures roller bearings for elevators, construction equipment and other general industry applications that are sold under the TWB brand. The business, which was established in 1996 and joined Timken as part of the Torrington acquisition in 2003, primarily serves domestic customers in China.  

This transaction reflects Timken's ongoing efforts to actively manage its global portfolio to target and serve premium customers with highly engineered products and related services across a wide range of industrial markets.

About The Timken Company
The Timken Company (NYSE: TKR; www.timken.com) designs a growing portfolio of engineered bearings and industrial motion products. With more than a century of knowledge and innovation, we continuously improve the reliability and efficiency of global machinery and equipment to move the world forward. Timken posted $4.5 billion in sales in 2022 and employs more than 19,000 people globally, operating from 46 countries. Timken has been recognized among America's Most Responsible Companies by Newsweek, the World's Most Ethical Companies^® by Ethisphere, America's Most Innovative Companies by Fortune and America's Best Large Employers, Best Employers for New Graduates and Best Employers for Women by Forbes.

Media Relations:
Scott Schroeder
234.262.6420
scott.schroeder@timken.com

Investor Relations:
Neil Frohnapple
234.262.2310 
neil.frohnapple@timken.com

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SOURCE The Timken Company

FAQ

What is the revenue of TWB in 2022?

TWB had revenue of approximately $40 million in 2022.

Who acquired TWB?

Zhejiang Tianma Bearing Group Co., Ltd. acquired TWB.

What is Timken's strategy?

Timken aims to target premium customers with highly engineered products through global portfolio management.