Timken Company transfers $475 million of hourly pension plan liabilities

Client(s) Timken Company, The

Jones Day advised The Timken Company in connection with the purchase of an irrevocable group annuity contract from The Prudential Insurance Company of America, covering approximately 3,400 U.S. hourly retirees receiving pension benefits from The Timken Company Pension Plan. The transaction will reduce Timken's gross pension liability by about $475 million.