Automobile parts and steel firm The Timken Company announced the purchase of a unit from Ingersoll-Rand Co for around $840 million that would make it the world's third largest maker of anti-friction products used by engineering and auto industries.
The deal would strengthen Timken's position in the global market of tapered roller bearings, needle roller bearings and alloy steels. Timken also gains more ground in Europe, Asia, Latin America and in some low-cost manufacturing areas like India.
Timken's purchase of Ingersoll-Rand's Torrington unit for $700 million in cash and $140 million in shares is expected to close early next year, subject to regulatory approvals.
After the deal, Ingersoll will hold about an 11 percent stake in Timken. Ingersoll has promised not to sell those shares for at least six months after the transaction closes.
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