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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 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 locally produced product breadth.”
He further added: “The demand for bearings in India is growing, and the addition of ABC Bearings will provide us with 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, Timken India. “The addition of the ABC Bearings portfolio will strengthen our innovative and competitive solutions to serve our customers.”
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