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March 24, 2014
14:33 EDTTKRTimken signs JV agreement with United Wagon Company
The Timken Company has entered into an agreement with United Wagon Company, a leader in building, leasing, engineering and servicing freight cars in Russia, to establish a joint venture to manufacture Timken AP-2 rail bearings in Russia. The JV will advance the safety, reliability and efficiency of the local rail industry, equipping customers' freight cars with premium Timken bearings. The JV is contingent upon various regulatory approvals and other commercial and customary conditions. As part of the agreement, Timken and UWC will establish dedicated manufacturing capacity, with construction expected to start within the next several months. This JV expands upon an established relationship between the two companies, which was formalized in 2013 with a strategic partnership agreement covering technical and design support and an initial supply of Timken AP-2 bearings to UWC.
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