-- Acquisition focuses driveSol on global electric power assist steering
(EPAS) markets providing the electric steering technology base for integrated
steering column/pedal product development
TROY, Mich., Dec. 20 /Xinhua-PRNewswire/ -- DriveSol Worldwide, Inc.
("DriveSol"), an affiliate of Sun Capital Partners, Inc., announced today
that it has acquired the assets of Timken Company’s Global Steering
Business. Timken Company’s Global Steering Business designs and manufactures
intermediate shafts, column shafts, and components in North America and
steering columns in South America for OEM manufacturers and Tier I automotive
suppliers. The 2005 global sales for the Global Steering Business were
approximately $110 million. DriveSol Worldwide, Inc. is a leading
manufacturer of pedals, adjustable pedals, electronic throttle control pedals
("ETC"), and other highly engineered driving solutions for the global
automotive industry. DriveSol, with global sales of approximately $170
million, is currently supplying products to most major global automotive
OEMs. Terms of the sale were not disclosed.
Mark T. Simon, DriveSol Worldwide CEO, stated, "The acquisition of this
steering column business is another step forward towards implementing our
long-range strategy of becoming a global leader in driver control systems and
puts us back into the steering column/pedal sub-system market where we once
supplied Land Rover and other European OEMs. As the automotive electronic
drive-by-wire concept evolves, we will now be in a position to offer our
customers a full brake, accelerator, and steering-by-wire plug in system.
With Timken’s Brazil facility we have become a truly globally integrated
steering/pedal product development company with combined engineering and
research, development, and manufacturing resources effectively in the North
and South America, East and West Europe, Japan, and China markets."
The Timken Global Steering Business has manufacturing facilities in
Watertown, Connecticut and in Nova Friburgo, Brazil. Each of these locations
has design engineering, product development, process engineering testing, and
sales and marketing capabilities. Worldwide, the Global Steering Business has
an experienced workforce of approximately 900 employees. DriveSol Worldwide,
Inc. employs over 850 people and currently has full service engineering
technical centers located in Troy, Michigan; Gothenburg, Sweden; and
Chongquing, China.
About The Timken Company
The Timken Company (NYSE: TKR) keeps the world turning, with innovative
ways to make customers’ products run smoother, faster and more efficiently.
Timken’s highly engineered bearings, alloy steels and related products and
services turn up everywhere. With operations in 27 countries, sales of $5.2
billion in 2005 and 27,000 employees, Timken is Where You Turn(TM) for better
performance. For more information, please see: http://www.timken.com .
About DriveSol Worldwide, Inc.
DriveSol Worldwide Inc. is one of the leading designers, developers, and
manufacturers of fixed and adjustable pedal systems, electronic throttle
control pedals ("ETC"), and other highly-engineered driving solutions to
global automotive OEMs in North America, Europe, Japan, and China.
Headquartered in Troy, Michigan, DriveSol has manufacturing facilities
located in Kendallville, IN; Lyons, OH; Dalstorp, Sweden; Chongquing, China;
Changwon City, Korea; Van Buren Twp., Michigan; and strategic alliances in
Mexico and Slovakia. For more information, please see:
http://www.drivesol.com .
About Sun Capital Partners, Inc.
Sun Capital Partners, Inc. is a leading private investment firm focused
on leveraged buyouts, equity, debt, and other investments in market-leading
companies that can benefit from its in-house operating professionals and
experience. Sun Capital affiliates have invested in and managed more than 135
companies worldwide with combined sales in excess of $30.0 billion since Sun
Capital’s inception in 1995. Sun Capital has offices in Boca Raton, Los
Angeles, New York, and Shenzhen, China as well as advisory offices in London
and Tokyo.
