Timken India, a subsidiary of the global auto component maker TimkenCompany has entered into a definitive agreement to acquire ABC Bearings .
ABC Bearings manufactures tapered, cylindrical and spherical roller bearings and slewing rings.
Richard G. Kyle, Timken president and chief executive officer, said, “Timken is a leader in the Indian bearing market and the acquisition of ABC Bearings will expand our capacity, our customer base and our locally produced product breadth.”
The demand for bearings in the Indian market is growing, and the addition of ABC Bearings will provide Timken with the ability to increase participation in local and export markets, Kyle said.
“The prospective merger demonstrates our commitment to invest in and grow our business in India,” said Sanjay Koul, chairman and managing director, Timken India.
ABC Bearings operates primarily out of production 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.
In the financial year 2016-2017, the company recorded a turnover of approximately Rs 1900 million.