Ingersoll-Rand, Woodcliff Lake, N.J., a leading diversified industrial firm, last week announced that it acquired full ownership of Nadella S.A., the French-based precision needle bearing joint venture between IR's Torrington subsidiary and SNR Roulements of France. Terms were not disclosed.
The acquisition includes three manufacturing plants in France, an engineering center and a network of sales subsidiaries in Western Europe. In addition, the agreement will include holdings in a bearings joint venture in India.
“This move greatly expands our participation in the European bearing market in support of our global growth strategy,” said Herbert Henkel, chairman, president and CEO. “The Nadella product line compliments Torrington's offering, and its customer base provides new opportunities for our company in Europe's automotive and industrial markets, especially as we transfer Torrington's proprietary engineering and manufacturing expertise to the now wholly owned business.”