Timken to Sell, Lease Back Carlyle Property

The Timken Company (USA, NYSE: TKR) is reportedly in negotiations to sell, then lease back its Carlyle, Illinois rail bearing service location. Timken Carlyle is one of several rail bearing reconditioning locations formerly known as Rail Bearing Service. The operations recondition, then recertify rail bearings. Carlyle City Council approved a revolving loan request to fund EDJE Inc., a private holding company whose purpose is to acquire the Carlyle facility and lease it back to Timken on a long-term contract. EDJE would be responsible for making a series of changes and improvements to the property. The Carlyle location reportedly services and recertifies approximately 90,000 bearings per year. Reconditioned rail bearings offer significant savings over new. Founded in 1973, Rail Bearing Service was acquired by Timken in 1995.