Timken sells 7.6M shares of Timken India for ~$288M; ownership drops to 57.7%

TIMKEN CO

Gross proceeds of ~$288 million from sale, reducing ownership from 67.8% to 57.7%.
Net proceeds to support 2023 capital allocation priorities, including share repurchases.
Transaction expected to be accretive to Timken's earnings per share.
Timken maintains controlling interest in TIL; new $75M plant in Bharuch, India to start production by early 2025.

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