June 30, 2005
The Timken Company announced today that it has completed the sale of its Linear Motion Systems (LMS) division—Timken S.p.A in Milan, Italy and Timken Deutschland GmbH in Stuttgart, Germany— to Overseas Industries S.p.A., an Italian firm. LMS designs and produces linear guides for industrial equipment manufacturers. LMS also distribures needle roller bearings and other diversified sourced products marketed under the Nadella® brand. Terms of the sale were not disclosed.
Timken expects to use proceeds from the sale of LMS to pay down debt and for other corporate purposes. The sale includes the Nadella brand, which Overseas Industries will continue to use with LMS products. Timken will retain the European needle bearing manufacturing facilities and transition needle bearing sales to Timken Torrington.