Koyo Bearings USA formed
JTEKT Corporation has created a new business unit, Koyo Bearings USA LLC, following the acquisition of The Timken Company's Needle Roller Bearings business.
The acquisition combines the strength, heritage and intellectual capital of Koyo and Torrington Needle Roller Bearings to create one of the world's largest needle roller bearing manufacturers.
Koyo Bearings will manufacture needle roller bearings under the Koyo Torrington Needle Roller Bearings brand, which features an extensive range of radial and thrust needle roller bearings, as well as bearing assemblies and loose needles for automotive and industrial applications. The entire management team and its 3,400 associates will transition into the new business unit. Timken's former president of needle roller bearings, Ken Hopkins, has been named president and chief operating officer of Koyo Bearings USA, which will manage the global business unit.
"The creation of Koyo Bearings USA will lift JTEKT to a new level, giving us an extensive global footprint with operations in North America, Europe and Asia," said Tom Takahashi, CEO, Koyo Bearings USA LLC. "The combination of the Koyo and Torrington Needle Roller Bearings brands also brings significant automotive expertise, the world's leading automotive bearings manufacturing capabilities, and provides Koyo cutting-edge products and technology."
This $330 million transaction, including receivables retained by the seller, complements and strengthens JTEKT's existing product lineup and manufacturing base. Koyo Bearings USA will provide JTEKT with a global production network of 12 needle roller bearings manufacturing facilities and three engineering technology centers located in Georgia, South Carolina and Quebec., plus additional locations in the Czech Republic, France, Germany, Spain and China.
"JTEKT is committed to becoming a global leader in the development and manufacturing of needle roller bearings for the automotive industry, as well as in other important industries such as aerospace and industrial," said Ken Hopkins, president and COO, Koyo Bearings USA. "Their strong investment in this new organization will allow Koyo Bearings USA to continue to offer innovative, high-quality products as efficiently as possible, and we are excited for the opportunities that lie ahead for our employees and customers."
INDUSTRIAL SUPPLY MAGAZINE
The May/June issue of Industrial Supply magazine features an in-depth cover story about GHX Industrial. Plus, we're featuring articles by contributing writers Dr. Bharani Nagarathnam and Frank Hurtte, as well as interviews with numerous product and distribution industry experts.
