InterChina Partners, one of leading investment banking advisory firms based in China, is pleased to announce that it has advised the global leader of engineered bearings and industrial motion products, Timken on its divestment of 100% equity interest in Jiangsu TWB Bearings Co., Ltd to Zhejiang Tianma. The transaction was closed in Oct 2023

Timken:  The Timken Company (NYSE: TKR; www.timken.com) designs a growing portfolio of engineered bearings and industrial motion products. Timken has more than one hundred year’s history. Timken posted $4.5 billion in sales in 2022 and employs more than 19,000 people globally, operating from 46 countries. Timken has been recognized among America's Most Responsible Companies by Newsweek, the World's Most Ethical Companies® by Ethisphere, America's Most Innovative Companies by Fortune

TWB Bearing:  Based in Jiangsu Province, China, TWB manufactures roller bearings for elevators, construction equipment and other general industry applications that are sold under the TWB brand. The business, which was established in 1996 and joined Timken as part of the Torrington acquisition in 2003, primarily serves domestic customers in China

Zhejiang Tianma Bearing Group Co., Ltd (TMB), founded in 1987, is one of the fastest growing Chinese bearing companies. TMB has a wide bearing product portfolio, and ranked number 3 among Chinese bearing manufacturer.

“This transaction reflects Timken’s ongoing efforts to actively manage its global portfolio to target and serve premium customers with highly engineered products and related services across a wide range of industrial markets”.

InterChina’s deal team is lead by Barry Chen, Partner in Charge, and supported by Peishan Wang, Manager. Other team members include Yuan Hao, Angela Zhang, and Roger Sole

“We are delighted to have supported Timken in this transaction. This exemplifies Timken’s forward looking strategy in actively optimizing its portfolio in a highly competitive environment to enhance shareholders’ returns. We are also delighted to see Tianma becoming eventual owner’ of TWB. With Tianma’s wide distribution channel and supply-chain advantages, TWB will be a great product and brand addition to Tianma overall portfolio, and a differentiated, dual brand strategy”, said Barry Chen.

InterChina served as Timken’s exclusive sale-side advisor and provided full sale-side investment banking services; pre-sale evaluation; preparation of information memorandum; solicit interest; negotiating bids; preparation of data room; support due diligence; general process management and definitive agreement negotiation and closing.