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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.
Find detailed analytics on TKR stock on TipRanks’ Stock Analysis page.
