Timken Completes Sale of Aerospace Drive Systems Business

Rhea-AI Summary

The Timken Company (NYSE: TKR) announced the completion of the sale of its Aerospace Drive Systems (ADS) business to PCX Aerostructures, LLC, with terms undisclosed. The ADS business specializes in drive system components for military and civil rotorcraft, with an expected revenue of approximately $50 million in 2022. This strategic decision aligns with Timken's focus on its core engineered bearings and industrial motion products.

Positive

• Strategic sale of ADS may allow Timken to concentrate on core business areas.
• Potential for increased operational efficiency and focus.

Negative

• Sale of $50 million revenue-generating business may impact short-term revenue.

NORTH CANTON, Ohio, Nov. 1, 2022 /PRNewswire/ -- The Timken Company (NYSE: TKR; www.timken.com), a global leader in engineered bearings and industrial motion products, today announced it has closed the sale of its Aerospace Drive Systems (ADS) business to PCX Aerostructures, LLC. Terms were not disclosed.

ADS is a supplier of drive system components and sub-assemblies for military and civil rotorcraft applications. ADS revenue is expected to be around $50 million in 2022.

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 $4.1 billion in sales in 2021 and employs more than 18,000 people globally, operating from 43 countries. Timken has been recognized among America's Most Responsible Companies by Newsweek, the World's Most Ethical Companies® by Ethisphere, and America's Best 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 significance of Timken's sale of Aerospace Drive Systems (TKR)?

The sale allows Timken to focus on its core business, although it might impact short-term revenue.

How much revenue was generated by the Aerospace Drive Systems business in 2022?

The Aerospace Drive Systems business was expected to generate approximately $50 million in revenue for 2022.

To whom did Timken sell its Aerospace Drive Systems business?

Timken sold its Aerospace Drive Systems business to PCX Aerostructures, LLC.

What is TKR's focus after the sale of the Aerospace Drive Systems?

After the sale, Timken aims to concentrate on engineered bearings and industrial motion products.