Timken Announces Divestiture of TWB Bearings Business in China

Release Time：27 Oct,2023

<p style="text-align: center;"><img src="/ueditor/php/upload/image/20231027/1698414792560704.png" title="1698414792560704.png" alt="3.png"/></p><p style="text-align: justify;"><span style="font-family: arial, helvetica, sans-serif; font-size: 12px;">&nbsp;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&nbsp;$40 million. Other terms of the deal were not disclosed.</span></p><p style="text-align: justify;"><span style="font-family: arial, helvetica, sans-serif; font-size: 12px;">Based in&nbsp;Jiangsu Province,&nbsp;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&nbsp;China. &nbsp;</span></p><p style="text-align: justify;"><span style="font-family: arial, helvetica, sans-serif; font-size: 12px;">This transaction reflects Timken&#39;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.</span></p><p><br/></p>