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Project
teams comprised of representatives from both companies will identify opportunities to serve those customers more effectively
by offering a global platform for developing and supplying of needle bearing solutions, thereby offering greater customer
value than either company could provide separately.
The alliance builds on a needle bearing joint venture formed
in 1963 between NSK and Torrington. NSK recently acquired full control of this venture as a result of Timken's acquisition
of Torrington earlier this year.
"Going ...
Project
teams comprised of representatives from both companies will identify opportunities to serve those customers more effectively
by offering a global platform for developing and supplying of needle bearing solutions, thereby offering greater customer
value than either company could provide separately.
The alliance builds on a needle bearing joint venture formed
in 1963 between NSK and Torrington. NSK recently acquired full control of this venture as a result of Timken's acquisition
of Torrington earlier this year.
"Going forward, this alliance presents us with an opportunity to combine the complementary
talents of two leading bearing manufacturing companies to better serve the interests of customers who themselves have increasingly
global needs," said James W. Griffith, president and CEO of Timken. "In addition to creating additional value for customers,
the agreement enables the two companies to grow independently and profitably without having to increase asset intensity."
"Timken
and NSK have a history of working well together," said Seiichi Asaka, president and CEO of NSK. "For example, we currently
are building a plant with Timken in China to manufacture single-row tapered roller bearings, and we also will continue our
agreement to serve the tapered roller bearing needs of certain Japan-based vehicle makers."
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