Timken to Acquire ABC Bearings to further expand business in India

Jamshedpur, July 5: Timken India Ltd., a subsidiary of The Timken Company, a world leader in engineered bearings and mechanical power transmission products, today announced that it has entered into a definitive agreement to acquire ABC Bearings Ltd. through a court-approved amalgamation process. ABC Bearings is a manufacturer of tapered, cylindrical and spherical roller bearings, and slewing rings.

This transaction is subject to receipt of approvals by each company�s shareholders, regulatory agencies and the stock exchanges, which is expected to occur over the next several months.

�Timken is a leader in the India bearing market and the acquisition of ABC Bearings will expand our capacity, our customer base and our locally produced product breadth,� said Richard G. Kyle, Timken president and chief executive officer. �The demand for bearings in India is growing, and the addition of ABC Bearings will provide us with the ability to increase participation in local and export markets.�

�The prospective merger demonstrates our commitment to invest in and grow our business in India,� said Sanjay Koul, chairman and managing director of Timken India. �The addition of the ABC Bearings portfolio will strengthen our innovative and competitive solutions to serve our customers.�

ABC Bearings is a public limited company listed on the BSE Limited with its registered office in Mumbai, India. The company operates primarily out of manufacturing facilities in Bharuch, Gujarat, and Dehradun, Uttarakhand. ABC Bearings serves an established original equipment customer base in India, focusing on heavy truck and off-highway industries. During fiscal year 2016-2017, the company recorded a turnover of approximately INR 1900 million.