Comments
Timken India, a subsidiary of The Timken Company, a maker of engineered bearings and mechanical power transmission products, has entered into a definitive agreement to acquire ABC Bearings Ltd through a court-approved amalgamation process. ABC Bearings is a manufacturer of tapered, cylindrical and spherical roller bearings, and slewing rings.
This transaction is subject to receipt of approvals by each company’s shareholders, regulatory agencies and the stock exchanges, which is expected to occur over the next several months.
Richard G. Kyle, Timken President and Chief Executive Officer said, “Timken is a leader in the India bearing market and the acquisition of ABC Bearings will expand our capacity, our customer base and our locally produced product breadth.”
He further added: “The demand for bearings in India is growing, and the addition of ABC Bearings will give us the ability to increase participation in local and export markets.”
“The prospective merger demonstrates our commitment to invest in and grow our business in India,” said Sanjay Koul, Chairman and Managing Director of Timken India. “The addition of the ABC Bearings portfolio will strengthen our innovative and competitive solutions to serve our customers.”
ABC Bearings is a public limited company listed on the BSE with its registered office in Mumbai. The company operates primarily out of manufacturing facilities in Bharuch, Gujarat, and Dehradun, Uttarakhand.
Comments
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.