'We are gaining world leading bearings-based businesses at a fair valuation, and our shareholders will own an expanded global company that is able to leverage many of our existing assets and core competencies and which has a solid balance sheet, greater liquidity and additional value-creation opportunities. By acquiring Torrington, we significantly strengthen our presence in Europe, Asia and Latin America and other emerging markets, which will enable us to compete more effectively, not only with established worldwide firms, but also with growing regional competitors.