CANTON, OH — The Timken Co. has signed a definitive agreement to sell Kilian Manufacturing Corp. and its affiliate, Kilian Canada ULC, to an affiliate of Genstar Capital, L.P., a private investment firm, and members of Kilian’s management team. Kilian produces machined-race bearings, including ball and roller bearings and assemblies, for industrial and automotive applications.
The Timken Co. acquired Kilian as part of its recent acquisition of the Torrington Co. In 2003, the business had net sales of approximately $40 million. The company was founded in 1922 and employs 344 people at manufacturing facilities in Syracuse, N.Y. and Toronto, Canada.
According to James Griffith, president and CEO of Timken, Kilian is a strong business but not a strategic fit for Timken since its products and applications are outside the company’s traditional areas. Kilian has a customer base of nearly 500 OEMs. Genstar said it plans to leverage the company’s market-leading position to capitalize on new opportunities for further growth, both organically and through add-on acquisitions.
Timken expects to use the proceeds from the sale of Kilian to pay down debt and for other corporate purposes. The transaction is expected to close in October 2004.
For more information about Timken, go to: www.timken.com.
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