Timken Company

THE TIMKEN COMPANY In 2002, The Timken Company was considering acquiring The Torrington Company from Ingersoll-Rand. The acquisition would make a clear statement to the market about Timken’s commitment to remain a worldwide leader in the bearing industry as it would result in the combination of more than 100 years of bearing manufacturing and development experience. Because the two companies shared many of the same customers but had few products in common, customers would surely appreciate the

The Timken Company to Acquire Torrington This memo will examine Timken Company's decision to acquire Torrington by examining the stand-alone value of Torrington, the synergies of this acquisition and the effect on Timken's investment grading. Acquiring Torrington seems to fit well with Timken's long term growing strategy. Torrington and Timken share 80% of their customers but only overlap 5% in their product offerings. Not only would this allow customers to make Timken a one stop shop for

for the Timken Company Valuation of Acquisition of Torrington The first step in completing this case study was to determine what hypothesis needed to be tested. We came up with the following six questions that needed to be answered in our research and calculations: 1. What synergies, if any, can the Timken Company expect through its acquisition of Torrington? What are the risks? 2. What is the value of Torrington including the expected synergies of its acquisition by the Timken Company? 3. Is this

process. This includes labor for some companies, and parts and components for others. This is an essential function that requires solid buyer and seller relationships. If there are fewer suppliers or if they have certain strengths and knowledge, then they may control significant power over the industry. Threat of substitute is also high, there are more than enough B&R bearing companies out there willing to increase their customer base and if a certain company isn’t producing up to par, than customers

range for a BBB “investment grade” debt rating. The combined entities, Torrington-Timken, would produce an interest coverage ratio of 3.2, and a debt ratio of 45%, again within the range for a BBB “debt rating. The purchase would likely be a cash transaction. History Founded by carriage-maker Henry Timken in 1899 in St. Louis, Missouri, the Timken Company was

project.” Gordon East, IT Manager, Timken Business Needs Timken, a 109-year-old company, is a longtime leader in the production of antifriction bearings and specialty steel. The company began as a carriage maker before the advent of the mass production of automobiles and now has offices in 27 countries and 25,000 employees. Timken competes in a global marketplace that requires companies to adapt to ever-changing financial conditions. Executives at Timken were anxious to rebuild the company’s

share, it should opt for acquisition, making them third largest producer of bearings in the world which will help give Timken clout in negotiations with customers and suppliers. Besides, Timken would use the products of Torrington under the name of Timken’s company and using Torrington’s name as a brand name, resulting in increased range of products. Through this acquisition Timken was able to increase its penetration in global bearing market by 7% to 11%. The Torrington’s sales in 2001 of $1.1 billion

The Timken Company – a leader in the bearing industry, is considering acquiring the Torrington Company. Torrington Company, a leading manufacturer of needle roller bearings which is an engineering solution segment from Ingersoll-Rand. Both companies operate and compete in same business and therefore, Timken is seeking substantial operating synergies from this largest acquisition of its history. With this acquisition, Timken is increasing the size of company by almost 50 percent. And, Timken will

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