Timken sells needle roller bearings business to JTEKT
Client(s) Timken Company, The
Jones Day advised The Timken Company in the $330 million sale of its needle roller bearings business, which primarily serves customers in the automotive original-equipment sector, to Japan's JTEKT Corporation.
The Needle Roller Bearings business was part of the broader Torrington acquisition Timken made in 2003. The business has approximately 3,400 associates and manufactures highly engineered needle roller bearings, including an extensive range of radial and thrust needle roller bearings, as well as bearing assemblies and loose needles, for automotive and industrial applications. Facilities included in the agreement are:
- North America: Cairo, GA; Dahlonega, GA; Sylvania, GA; Greenville, SC; Walhalla, SC; and Bedford, Quebec, Canada.
- Europe: Brno and Olomouc, Czech Republic; Maromme, Moult, and Vierzon, France; Kuensebeck, Germany; and Bilbao, Spain.
- Asia: LiYuan District, China.
In addition to M&A representation, Jones Day provided benefits, environmental, IP, labor, real estate, and tax advice regarding this transaction.