JTEKT to acquire Timken's needle roller bearings business

JTEKT Corp. announced that it has signed an agreement to acquire the assets of the Needle Roller Bearings business of The Timken Co. The transaction, which is valued at approximately US$300 million after an adjustment in the value of net retained assets, is expected to be completed by the end of December 2009, subject to regulatory approvals and certain closing conditions. The transaction will secure JTEKT’s position as the leading manufacturer of automotive bearings globally and significantly strengthen its standing as a leading supplier of bearings to other industrial sectors. The Needle Roller Bearings business 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. The Needle Roller Bearings business will continue to be managed by the current management team through the post-closing process of integration with JTEKT, as the company works to determine the optimum structure for this business within the expanded JTEKT group. (July 29, 2009)