The Timken Co has completed its acquisition of The Torrington Co that it announced Oct 16, 2002. Timken acquired Torrington from Ingersoll-Rand for $840 million — $700 million in cash and Timken shares valued at $140 million.
Timken expects the acquisition to be accretive to earnings per share by at least 10% in 2003. Its acquisition of Torrington, which had 2002 sales of $1.2 billion, creates a bearing company with approximately $3.8 billion in sales and expands the company's portfolio of automotive and industrial bearings-based products and service solutions. Torrington, a manufacturer of needle roller bearings, complements Timken's leading tapered roller bearings and alloy steel products. Torrington's products also include ball, spherical and cylindrical bearings and motion control components and assemblies.