The Timken Company, Canton, OH, has sold its automotive steering business, which operates facilities in Watertown, CT, and Nova Friburgo, Brazil, to DriveSol Worldwide, Inc.
The steering business had 2005 sales of $110 million.
DriveSol, which is an affiliate of Sun Capital Partners, Inc., will continue to manufacture steering tilt shafts, intermediate shafts and steering components at the Watertown plant and steering columns at the Nova Friburgo plant. The products at both facilities are focused on tube forming, coating, painting and precision assembly.
“As a result of our focus on driving innovation in the core areas of friction management and power transmission, we have decided to exit this non- strategic business,” said Jacqueline A. Dedo, president of Timken’s Automotive Group. “In addition to our previously announced restructuring programs, we are continuing to examine and implement further actions to improve financial performance in our Automotive Group.”
The Timken Company had sales of $5.2 billion in 2005.
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