Timken Company (TKR) has provided an update.
The Timken Company recently offloaded 5 million shares of Timken India Limited, decreasing its stake from 57.70% to 51.05% and raising over $230 million. This strategic move aims to bolster Timken’s 2024 capital allocation plans and is anticipated to positively affect its earnings per share. While Timken retains a controlling interest in TIL and foresees no further sales, the company stresses the ongoing significance of the Indian market in its global strategy.
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