Timken Sells Latrobe Steel Subsidiary for $215M
The Timken Company, Canton, OH, has sold its Latrobe Steel subsidiary in Latrobe, PA, to a group of investors led by the Watermill Group, Hicks Holdings and Sankaty Advisors for $215 million in cash.
"We are taking actions across our portfolio to increase the ability to generate consistent profitable growth," said James W. Griffith, Timken president and CEO. "We believe the divestment of Latrobe Steel will create new opportunities for us to invest in key industrial markets that have the potential to generate greater value for our shareholders over time."
Latrobe Steel manufactures and distributes specialty steel for the aerospace, high speed, and tool and die markets.