Timken and NSK Form Global Needle Bearing Alliance
CANTON, Ohio, July 18 -- The Timken Company and NSK Ltd. have reached an agreement to jointly serve certain Japan-based auto manufacturers and their principal suppliers with engineering solutions based on needle bearings and related services.
(Logo: http://www.newscom.com/cgi-bin/prnh/19991012/TKRLOGO )
Project teams comprised of representatives from both companies will identify opportunities to serve those customers more effectively by offering a global platform for developing and supplying of needle bearing solutions, thereby offering greater customer value than either company could provide separately.
The alliance builds on a needle bearing joint venture formed in 1963 between NSK and Torrington. NSK recently acquired full control of this venture as a result of Timken's acquisition of Torrington earlier this year.
"Going forward, this alliance presents us with an opportunity to combine the complementary talents of two leading bearing manufacturing companies to better serve the interests of customers who themselves have increasingly global needs," said James W. Griffith, president and CEO of Timken. "In addition to creating additional value for customers, the agreement enables the two companies to grow independently and profitably without having to increase asset intensity."
"Timken and NSK have a history of working well together," said Seiichi Asaka, president and CEO of NSK. "For example, we currently are building a plant with Timken in China to manufacture single-row tapered roller bearings, and we also will continue our agreement to serve the tapered roller bearing needs of certain Japan-based vehicle makers."
NSK ( http://www.nsk.com/ ) is a global leader in bearings, as well as serving as the world's leading provider of automotive components and precision parts. The company employs over 23,000 people, operates in 26 countries and has 44 manufacturing sites in 13 countries. Recorded sales in 2002 were U.S. $4.4 billion.
The Timken Company ( http://www.timken.com/ ) is a leading international manufacturer of highly engineered bearings, alloy and specialty steels and components, and a provider of related products and services. Following its February 2003 acquisition of The Torrington Company, Timken employs 28,000 people worldwide in operations in 29 countries. In 2002, the combined companies had sales of approximately $3.8 billion.
Media Contact: Carol A. Titus, Communications Manager, (330) 471-3757 - Canton, OH, Or visit www.timken.com/media , or Investor Contact: Kevin R. Beck, Manager - Investor Relations, (330) 471-7181
Photo: http://www.newscom.com/cgi-bin/prnh/19991012/TKRLOGOAP Archive: http://photoarchive.ap.org/
PRN Photo Desk, 888-776-6555 or 212-782-2840