Automotive and industrial components manufacturer JTEKT Corp. formed a new business unit called Koyo Bearings USA LLC following its Dec. 31 acquisition of The Timken Co.'s Needle Roller Bearings business.
Timken's former president of needle roller bearings Ken Hopkins has been named president and chief operating officer of Koyo Bearings USA, which will manage the global business unit.
Koyo Bearings will manufacture needle roller bearings under the Koyo Torrington Needle Roller Bearings brand for automotive and industrial applications, the company said. The entire management team and its 3,400 associates will transition into the new business unit.
The $330 million transaction will provide JTEKT with a global production network of 12 needle roller bearings manufacturing facilities and three engineering technology centers located throughout North America, Europe and Asia.