Date: 2013-08-01

Timken's 'BBB-' Ratings Unaffected by Purdy acquisition - S&P

Timken's 'BBB-' Ratings Unaffected by Purdy acquisition - S&P


Standard & Poor's Ratings Services said its 'BBB-' ratings on power transmission products maker, Timken Co will not be affected by its move to acquire aerospace engine parts maker, Purdy Corp's assets for 200 mln usd.

The ratings agency said, assuming Timken entirely debt-finances the reported acquisition, the buy may temporarily elevate financial leverage.

S&P said Timken should be able to restore financial leverage to levels consistent with the rating by reducing debt through discretionary cash flow and by potentially improving earnings through contributions from the acquisition company, margin increases from restructuring in the automotive bearings business, and continued good performance in the industrial bearings and specialty steel businesses.

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