US: Timken sells automotive steering business

摘要

AS part of a plan to restructure its automotive operations, Timken has sold its non-strategic automotive steering business to pedal assembly manufacturer Drivesol Worldwide, an affiliate of Sun Capital Partners, for an undisclosed sum. The automotive steering business, which generated sales of US$110m in 2005, employs around 600 people in Watertown, Connecticut and 300 in Nova Friburgo, Brazil. James W Griffith, president and chief executive officer of Timken, says the sale of its unprofitable automotive operations is part of the structural changes the company is pursuing, to improve its ability to create shareholder value.