Topic: How To Invest

Spinoffs & Takeovers Hotline – Friday, January 3, 2025

Article Excerpt

TIMKEN CO., $71.54, symbol TKR on New York, is a global leader in tapered roller bearings, engineered bearings, and industrial motion products. The company’s globally diverse customer base includes companies in industrial distribution, renewable energy, automation, automotive original equipment, agriculture/turf, rail, aerospace, auto/truck aftermarket, construction, and services. Founded in 1899 by Henry Timken, the company has 142 manufacturing facilities and service centres, 28 technology and engineering centres, and 73 distribution centres and warehouses. It has more than 19,000 employees and operates in 45 countries. On March 27, 2024, Timken announced that CEO Richard Kyle would retire but remain on the board of directors. His replacement was Tarak Mehta, the former president of ABB Ltd.’s motion business. Mehta started on September 5. In the three months ended September 30, 2024, the company’s revenue decreased 1.4% to $1.13 billion from $1.14 billion a year earlier. Lower demand in China and Europe was only partly offset by acquisitions and higher prices. Excluding one-time items, Timken earned…