Timken is to sell Kilian Manufacturing Corporation and its affiliate, Kilian Canada, to an affiliate of Genstar Capital, a private investment firm, and members of Kilian’s management team.
Kilian produces machined-race bearings, including ball and roller bearings and assemblies, for broad industrial and automotive applications, and in 2003 had net sales of approximately $40 million.
Founded in 1922, Kilian employs 344 at manufacturing facilities in Syracuse, NY, and Toronto, Canada. Its products are used in such diverse applications as sliding and overhead doors, furniture, appliances, conveyors and automotive steering.
Kilian was acquired by The Torrington Company in 1975. Timken acquired Torrington in 2003.
The transaction is expected to close in October 2004. Timken expects to use the proceeds from the sale of Kilian to pay down debt and for other corporate purposes.