Dec. 20, 2006 — The Timken Co. has completed the sale of its automotive steering business to DriveSol Worldwide, Inc. Terms of the sale were not disclosed.

"The sale of this business, which has not been profitable in recent quarters, is part of the structural changes we are pursuing to improve our ability to create shareholder value," said Timken President and CEO James W. Griffith.

DriveSol, which is an affiliate of Sun Capital Partners, will continue to manufacture steering tilt shafts, intermediate shafts and steering components at the Watertown plant and steering columns at the Nova Friburgo plant. Products at both facilities are focused on tube forming, coating, painting and precision assembly.

"As a result of our focus on driving innovation in the core areas of friction management and power transmission, we have decided to exit this non-strategic business," said Jacqueline A. Dedo, President of Timken's Automotive Group. "In addition to our previously announced restructuring programs, we are continuing to examine and implement further actions to improve financial performance in our Automotive Group."

The Blackstone Group advised Timken on this transaction.

Timken supplies highly engineered bearings, alloy steels and related products and services internationally. With 27,000 employees and operations in 27 countries, Timken generated sales of $5.2 billion in 2005.

Timken’s automotive steering business operates facilities in Watertown, Conn., and Nova Friburgo, Brazil, with about 600 employees at the Watertown plant and about 300 employees in Brazil. The steering business had 2005 sales of $110 million.