Date: 2013-08-01

JTekt To Buy Part of Timken's Auto Bearing Ops-Nikkei

TOKYO (Nikkei)--JTekt Corp. (6473.TO), an auto component maker affiliated with Toyota Motor Corp. (TM), will acquire a part of U.S. bearings maker Timken Co.'s (TKR) auto bearing operations for about 30 billion yen to Y40 billion, the Nikkei reported in its Sunday edition.

According to the report, JTekt and Timken have already reached a basic agreement and the firms will likely announce the deal before the end of this month. JTekt will buy Timken's needle bearings operations, which likely accounted for about Y100 billion of Timken's Y530 billion group revenue last year, the report said.

Such a deal would be an indication of the global auto parts sector's attempt to reorganize and consolidate their businesses as demand remains weak, the report said.

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