Timken Sells Precison Components Business in Europe
April 12, 2006—The Timken Co. announced the sale of Timken Precision Components to a group of investors made up of the unit's current management team. The business serves customers in the European automotive sector and had 2005 sales of 23.3 million euros ($28.8 million).
Timken Precision Components-Europe produces precision machined steel components for automotive transmissions and airbags, along with components for industrial bearings in two facilities in France. A Fougres plant manufactures high volume components and the Marnaz facility produces low- and medium-volume components.
"Selling this business to the local management team will result in new growth opportunities for the operation. It is also consistent with our goal to focus the steel group on the core alloy and steel component business as part of Timken's broader strategy to drive protifable growth," says Cengiz Kurkcu, president of Precision Steel Components. "Timken will continue to purchase products and services from the newly independent business and will work closely with the new owners during the transition."