SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
----------------
SCHEDULE 13D
(Rule 13d-101)
INFORMATION TO BE INCLUDED IN STATEMENTS FILED PURSUANT
TO RULE 13d-1(a) AND AMENDMENTS THERETO FILED PURSUANT TO RULE 13d-2(a)
THE TIMKEN COMPANY
----------------------------------------
(Name of Issuer)
Common Stock Without Par Value
----------------------------------------
(Title of Class of Securities)
456866102
----------------------------------------
(CUSIP Number)
Senior Vice President, General Counsel
Ingersoll-Rand Company
200 Chestnut Ridge Road
Woodcliff Lake, New Jersey 07677
(201) 573-3473
-----------------------------------------------------------
(Name, Address and Telephone Number of Person Authorized
to Receive Notices and Communications)
February 18, 2003
-----------------------------------------------------------
(Date of Event which Requires Filing of this Statement)
If the filing person has previously filed a statement on Schedule 13G to
report the acquisition that is the subject of this Schedule 13D, and is filing
this schedule because of Rule 13d-1(e), 13d-1(f) or 13d-1(g), check the
following box [_].
(Page 1 of 17 Pages)
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Page 2 of 17 Pages
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________________________________________________________________________________
1 NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
Ingersoll-Rand Company
13-5156640
________________________________________________________________________________
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP:
(a) [_]
(b) [_]
________________________________________________________________________________
3 SEC USE ONLY
________________________________________________________________________________
4 SOURCE OF FUNDS:
OO
________________________________________________________________________________
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS
REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e)
[_]
________________________________________________________________________________
6 CITIZENSHIP OR PLACE OF ORGANIZATION:
New Jersey
________________________________________________________________________________
7 SOLE VOTING POWER
0
NUMBER OF
SHARES _________________________________________________________________
8 SHARED VOTING POWER
BENEFICIALLY 9,395,973
OWNED BY
_________________________________________________________________
EACH 9 SOLE DISPOSITIVE POWER
0
REPORTING
PERSON _________________________________________________________________
10 SHARED DISPOSITIVE POWER
WITH 9,395,973
________________________________________________________________________________
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON:
9,395,973
________________________________________________________________________________
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES:
[_]
________________________________________________________________________________
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11):
11.22%
________________________________________________________________________________
14 TYPE OF REPORTING PERSON:
CO
________________________________________________________________________________
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Page 3 of 17 Pages
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________________________________________________________________________________
1 NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
Ingersoll-Rand (Barbados) Holding Incorporated
c/o David King & Co.
First Floor
Trident House
Lower Broad Street
Bridgetown, Barbados
________________________________________________________________________________
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP:
(a) [_]
(b) [_]
________________________________________________________________________________
3 SEC USE ONLY:
________________________________________________________________________________
4 SOURCE OF FUNDS:
OO
________________________________________________________________________________
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS
REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e)
[_]
________________________________________________________________________________
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Barbados
________________________________________________________________________________
7 SOLE VOTING POWER
0
NUMBER OF
SHARES _________________________________________________________________
8 SHARED VOTING POWER
BENEFICIALLY 9,395,973
OWNED BY
_________________________________________________________________
EACH 9 SOLE DISPOSITIVE POWER
0
REPORTING
PERSON _________________________________________________________________
10 SHARED DISPOSITIVE POWER
WITH 9,395,973
________________________________________________________________________________
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON:
9,395,973
________________________________________________________________________________
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES:
[_]
________________________________________________________________________________
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11):
11.22%
________________________________________________________________________________
14 TYPE OF REPORTING PERSON:
CO
________________________________________________________________________________
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Page 4 of 17 Pages
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________________________________________________________________________________
1 NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
Ingersoll-Rand Global Holding Company Limited
Clarendon House
2 Church Street
Hamilton HM 11
Bermuda
________________________________________________________________________________
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP:
(a) [_]
(b) [_]
________________________________________________________________________________
3 SEC USE ONLY:
________________________________________________________________________________
4 SOURCE OF FUNDS:
OO
________________________________________________________________________________
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS
REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e)
[_]
________________________________________________________________________________
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Bermuda
________________________________________________________________________________
7 SOLE VOTING POWER
0
NUMBER OF
SHARES _________________________________________________________________
8 SHARED VOTING POWER
BENEFICIALLY 9,395,973
OWNED BY
_________________________________________________________________
EACH 9 SOLE DISPOSITIVE POWER
0
REPORTING
PERSON _________________________________________________________________
10 SHARED DISPOSITIVE POWER
WITH 9,395,973
________________________________________________________________________________
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON:
9,395,973
________________________________________________________________________________
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES:
[_]
________________________________________________________________________________
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11):
11.22%
________________________________________________________________________________
14 TYPE OF REPORTING PERSON:
CO
________________________________________________________________________________
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Page 5 of 17 Pages
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________________________________________________________________________________
1 NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
Ingersoll-Rand Company Limited
Clarendon House
2 Church Street
Hamilton HM 11
Bermuda
________________________________________________________________________________
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP:
(a) [_]
(b) [_]
________________________________________________________________________________
3 SEC USE ONLY:
________________________________________________________________________________
4 SOURCE OF FUNDS:
OO
________________________________________________________________________________
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS
REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e)
[_]
________________________________________________________________________________
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Bermuda
________________________________________________________________________________
7 SOLE VOTING POWER
0
NUMBER OF
SHARES _________________________________________________________________
8 SHARED VOTING POWER
BENEFICIALLY 9,395,973
OWNED BY
_________________________________________________________________
EACH 9 SOLE DISPOSITIVE POWER
0
REPORTING
PERSON _________________________________________________________________
10 SHARED DISPOSITIVE POWER
WITH 9,395,973
________________________________________________________________________________
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON:
9,395,973
________________________________________________________________________________
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES:
[_]
________________________________________________________________________________
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11):
11.22%
________________________________________________________________________________
14 TYPE OF REPORTING PERSON:
CO
________________________________________________________________________________
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Item 1. Security and Issuer.
This statement on Schedule 13D (the "Schedule 13D") relates to the
common stock without par value (the "Timken Common Stock") of The Timken
Company, an Ohio corporation ("Timken"). The address of the principal
executive office of Timken is 11835 Duebler Avenue, S.W., Canton, Ohio 44706.
Item 2. Identity and Background.
This Schedule 13D is filed on behalf of:
(i) Ingersoll-Rand Company, a New Jersey corporation ("IR");
(ii) Ingersoll-Rand (Barbados) Holding Incorporated ("IRBHI"),
a Barbados corporation, in its capacity as the parent company
of IR;
(iii) Ingersoll-Rand Global Holding Company Limited ("IRGHC"),
a Bermuda corporation, in its capacity as the parent company
of IRBHI; and
(iv) Ingersoll-Rand Company Limited ("IR Bermuda"), a Bermuda
corporation, in its capacity as the parent company of IRGHCL
(together with IR, IRBHI and IRGHC, the "Reporting Persons").
Through its subsidiaries, including IR, IRBHI and IRGHC, IR Bermuda
is a leading innovation and solutions provider for the major global markets of
Security and Safety, Climate Control, Industrial Solutions and Infrastructure.
The address of the principal executive office of IR is 200 Chestnut Ridge
Road, Woodcliff Lake, New Jersey 07677. The address of the principal executive
office of IRBHI is c/o David King & Co., First Floor, Trident House, Lower
Broad Street, Bridgetown, Barbados. The address of the principal executive
office of IRGHC is Clarendon House, 2 Church Street, Hamilton HM 11, Bermuda.
The address of the principal executive office of IR Bermuda is Clarendon
House, 2 Church Street, Hamilton HM 11, Bermuda.
To the best of the knowledge of the Reporting Persons as of the date
hereof, the name, business address, present principal occupation or employment
and citizenship of each executive officer and director of the Reporting
Persons, and the name, principal business and address of any corporation or
other organization in which such employment is conducted is set forth in
Schedule I hereto. The information contained in Schedule I is incorporated
herein by reference.
During the last five years, none of the Reporting Persons nor, to
the best of the knowledge of the Reporting Persons, any of the executive
officers or directors of the Reporting Persons listed in Schedule I hereto,
has been convicted in a criminal proceeding (excluding traffic violations or
similar misdemeanors) or has been a party to a civil proceeding of a judicial
or administrative body of competent jurisdiction and as a result of such
proceeding was or is subject to a judgment, decree or final order enjoining
future violations of, or prohibiting or
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Page 7 of 17 Pages
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mandating activities subject to, federal or state securities laws or finding
any violation with respect to such laws.
Item 3. Source and Amount of Funds or Other Consideration.
On February 18, 2003, pursuant to a Stock and Asset Purchase
Agreement (the "Purchase Agreement"), dated as of October 16, 2002, among IR
Bermuda, on behalf of itself, IR and the other sellers named therein, and
Timken, on behalf of itself and the other buyers named therein, Timken
acquired the Engineered Solutions business segment of IR Bermuda (the
"Transaction"). Engineered Solutions comprises IR Bermuda's worldwide
operations relating to precision bearings and motion-control components and
assemblies, and includes the Torrington, Fafnir, Kilian, Nadella and IRB
brands. In consideration for the sale pursuant to the Purchase Agreement, IR
Bermuda and the other applicable sellers (including IR) received $700 million
in cash and IR received 9,395,973 shares of Timken Common Stock to which this
report relates.
IR Bermuda filed a copy of the Purchase Agreement as Exhibit 2.1 to
its current report on Form 8-K dated October 17, 2002 (the "8-K"). References
to, and descriptions of, the Purchase Agreement as set forth above in this
Item 3 are not intended to be complete and are qualified in their entirety by
reference to the full text of such agreement, a copy of which has previously
been filed as Exhibit 2.1 to IR Bermuda's 8-K and is incorporated herein by
reference.
Item 4. Purpose of the Transaction.
IR acquired 9,395,973 shares of Timken Common Stock as consideration
for the sale by IR Bermuda and its subsidiaries, including IR, to Timken of
the shares and assets comprising IR Bermuda's Engineered Solutions business
segment pursuant to the Purchase Agreement.
References to, and descriptions of, the Purchase Agreement as set
forth above in this Item 4 are not intended to be complete and are qualified
in their entirety by reference to the full text of such agreement, a copy of
which has previously been filed as Exhibit 2.1 to IR Bermuda's 8-K and is
incorporated therein by reference.
The Reporting Persons have no present plans or proposals which
relate to or would result in any of the actions specified in clauses (a)
through (j) of Item 4 of Schedule 13D.
Item 5. Interest in Securities of Timken.
Pursuant to the Transaction, IR acquired 9,395,973 shares of Timken
Common Stock, which comprises 11.22% of the outstanding shares of Timken
Common Stock. By virtue of the relationships described under Item 2, each of
IRBHI, IRGHC and IR Bermuda may be deemed to be the indirect beneficial owner
of the 9,395,973 shares of Timken Common Stock (which comprises 11.22% of the
outstanding shares of Timken Common Stock) directly owned by IR. By virtue of
the relationships described under Item 2, each of IR, IRBHI, IRGHC and IR
Bermuda may be deemed to have shared power to vote, or direct the voting of,
and dispose, or
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Page 8 of 17 Pages
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direct the disposition of, the 9,395,973 shares of Timken Common Stock (which
comprises 11.22% of the outstanding shares of Timken Common Stock) directly
owned by IR.
Other than as set forth in this Schedule 13D, including Schedule I
hereto, to the best of the knowledge of the Reporting Persons as of the date
hereof, (i) none of the Reporting Persons nor any of their respective
executive officers or directors beneficially owns any shares of Timken Common
Stock and (ii) there have been no transactions in the shares of Timken Common
Stock effected during the past 60 days by the Reporting Persons or any of
their respective executive officers or directors.
Item 6. Contracts, Arrangements, Understandings or Relationships with
Respect to Securities of Timken.
Standstill and Voting Agreement.
Pursuant to the Purchase Agreement, IR and Timken entered into a
Standstill and Voting Agreement, dated as of February 18, 2003 (the
"Standstill and Voting Agreement"). Pursuant to the Standstill and Voting
Agreement, until the third anniversary of the date on which IR and IR Bermuda
in the aggregate cease to own at least 4,272,890 shares of Timken Common
Stock, IR and IR Bermuda have agreed that neither IR nor IR Bermuda will
acquire any Timken Common Stock or other securities of Timken entitled to vote
for the election of directors of Timken or any security convertible into or
exchangeable for such securities (the "Securities"), subject to certain
exceptions set forth in Section 3.1(a) of the Standstill and Voting Agreement.
Until the third anniversary referred to above, subject to certain exceptions
specified in the Standstill and Voting Agreement, IR and IR Bermuda have also
agreed that neither IR nor IR Bermuda will (i) make any offer or proposals
with respect to a merger or other business combination transaction involving
Timken, (ii) enter into any voting agreement or arrangement with respect to
the voting of its Securities (except as described below), (iii) engage in
discussions or negotiations to induce others to enter into any transaction
involving a change of control of Timken, (iv) join a group with respect to the
ownership of Securities or (v) take other specified actions seeking to
influence a change of control of Timken's management or affairs.
In addition, the Standstill and Voting Agreement provides that until
IR and IR Bermuda cease in the aggregate to beneficially own at least
4,272,890 shares of Timken Common Stock, IR and IR Bermuda are required,
subject to certain exceptions in connection with the approval of certain
specified transactions set forth in the Standstill and Voting Agreement, to
vote its Securities in proportion to the votes cast by the other holders of
Securities and may not solicit proxies in connection with any matter as to
which the above obligation applies.
In addition, pursuant to the Standstill and Voting Agreement, during
the six-month period following the consummation of the Transaction, IR and IR
Bermuda have agreed not to transfer any Securities, except for transfers (i)
to an affiliate of IR or IR Bermuda that agrees to be bound by the terms of
the Standstill and Voting Agreement, (ii) in connection with granting certain
security interests or other encumbrances to financial institutions, (iii) in
accordance with its rights under the Registration Rights Agreement described
below or (iv) pursuant to a merger, consolidation or other similar transaction
involving Timken which is approved by the stockholders of Timken. Without
limiting the preceding sentence, until IR and
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Page 9 of 17 Pages
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IR Bermuda cease in the aggregate to own at least 4,272,890 shares of Timken
Common Stock, IR and IR Bermuda have agreed not to transfer any Securities in
a transaction that, to the knowledge of IR, would result in any person or
group beneficially owning more than 5% of the outstanding Timken Common Stock,
other than (A) pursuant to a registration statement or (B) pursuant to a
transaction described in clauses (i) through (iv) above. In the event of
certain tender offers or exchange offers, IR and IR Bermuda will generally
have the right to transfer its Securities in such transaction free of any
restrictions on transfer set forth in the Standstill and Voting Agreement.
Registration Rights Agreement.
Pursuant to the Purchase Agreement, IR and Timken entered into a
Registration Rights Agreement, dated as of February 18, 2003 (the
"Registration Rights Agreement"), pursuant to which IR has been granted
certain registration rights by Timken. The registration rights cover the
registration of the shares of Timken Common Stock issued to IR in connection
with the consummation of the Transaction, any securities issued upon the
transfer or in substitution for such shares and any securities issued with
respect to such shares by way of certain transactions (the "Registrable
Securities").
The Registration Rights Agreement requires Timken to register the
Registrable Securities pursuant to a shelf registration statement covering the
sales from time to time of Registrable Securities. Holders of Registrable
Securities are entitled to demand two underwritten offerings of Registrable
Securities pursuant to that shelf registration statement so long as those
underwritten offerings cover no less than 25% of the Registrable Securities
originally held by IR (or, if less than that number of Registrable Securities
are Registrable Securities, all of the remaining Registrable Securities). The
holders of Registrable Securities also have the right to participate in all
registrations of Timken Common Stock by Timken on behalf of itself or any
other party, other than registrations on Forms S-4 or S-8. These demand and
incidental registration rights are subject to customary restrictions and
limitations. Timken has agreed to pay all registration expenses in connection
with the registration of the Registrable Securities, except that underwriting
discounts will be at the expense of the holders of Registrable Securities. In
connection with any registration statement filed pursuant to the Registration
Rights Agreement, Timken and the holders of Registrable Securities have agreed
to indemnify each other against certain liabilities, including certain
liabilities under the Securities Act.
References to, and descriptions of, the Standstill and Voting
Agreement and the Registration Rights Agreement as set forth above in this
Item 6 are not intended to be complete and are qualified in their entirety by
reference to the full text of such agreements, copies of which are set forth
as exhibits to this Schedule 13D and are incorporated herein by reference.
To the best of IR's knowledge, except as described in this Schedule
13D, there are at present no other contracts, arrangements, understandings or
relationships (legal or otherwise) among the persons named in Item 2 above and
between any such person and any person with respect to any securities of
Timken.
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Page 10 of 17 Pages
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Item 7. Material to be Filed as Exhibits.
Exhibit Description
------- -----------
1. Stock and Asset Purchase Agreement, dated as of October 16, 2002,
among Ingersoll-Rand Company Limited, on behalf of itself and the
other sellers named therein, and the Timken Company, on behalf of
itself and the other buyers names therein, incorporated by reference
to Exhibit 2.1 on the Form 8-K filed by Ingersoll-Rand Company
Limited on October 17, 2002.
2. Amendment to Stock and Asset Purchase Agreement dated as of February
18, 2003, amending the Stock Purchase Agreement, dated as of October
16, 2002, between Ingersoll-Rand Company Limited, on behalf of
itself and certain of its subsidiaries and The Timken Company, on
behalf of itself and certain of its subsidiaries.
3. Standstill and Voting Agreement, dated as of February 18, 2003,
between The Timken Company, Ingersoll-Rand Company and Ingersoll-Rand
Company Limited.
4. Registration Rights Agreement, dated as of February 18, 2003,
between The Timken Company and Ingersoll-Rand Company.
5. Joint Filing Agreement relating to the filing of this Schedule 13D,
as required by Rule 13d-1(k)(1) under the Securities Exchange Act of
1934, as amended.
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Page 11 of 17 Pages
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SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief,
I certify that the information set forth in this statement is true, complete
and correct.
INGERSOLL-RAND COMPANY
INGERSOLL-RAND (BARBADOS) HOLDING
INCORPORATED
INGERSOLL-RAND GLOBAL HOLDING
COMPANY LIMITED
INGERSOLL-RAND COMPANY LIMITED
By /s/ Patricia Nachtigal
-----------------------
Patricia Nachtigal
Senior Vice President
General Counsel
Dated: February 28, 2003
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Page 12 of 17 Pages
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SCHEDULE I
DIRECTORS AND EXECUTIVE OFFICERS
OF INGERSOLL-RAND COMPANY
The following table sets forth the name, business address and
present principal occupation or employment of each director and executive
officer of Ingersoll-Rand Company. Each such person is a U.S. citizen.
Board of Directors
------------------------------------ ------------------------------------ ------------------------------------
Name and Title Business Address Present Principal Occupation
------------------------------------ ------------------------------------ ------------------------------------
Patricia Nachtigal c/o Ingersoll-Rand Company Senior Vice President and General
Director, Senior Vice 200 Chestnut Ridge Road, Counsel, Ingersoll-Rand Company
President and General Counsel Woodcliff Lake, New Jersey 07677 Limited.
------------------------------------ ------------------------------------ ------------------------------------
Gerald E. Swimmer c/o Ingersoll-Rand Company Vice President, Ingersoll-Rand
Director, Vice President 200 Chestnut Ridge Road, Company Limited.
Woodcliff Lake, New Jersey 07677
------------------------------------ ------------------------------------ ------------------------------------
Ronald E. Heller c/o Ingersoll-Rand Company Vice President, Deputy General
Director, Vice President, Deputy 200 Chestnut Ridge Road, Counsel & Secretary, Ingersoll-
General Counsel and Secretary Woodcliff Lake, New Jersey 07677 Rand Company Limited.
------------------------------------ ------------------------------------ ------------------------------------
Executive Officers Who Are Not Directors
------------------------------------ ------------------------------------ ------------------------------------
Name and Title Business Address Present Principal Occupation
------------------------------------ ------------------------------------ ------------------------------------
Herbert L. Henkel, c/o Ingersoll-Rand Company Chairman, President and Chief
President and Chief 200 Chestnut Ridge Road, Executive Officer, Ingersoll-Rand
Executive Officer Woodcliff Lake, New Jersey 07677 Company Limited.
------------------------------------ ------------------------------------ ------------------------------------
Gordon A. Mapp, Senior c/o Ingersoll-Rand Company Senior Vice President, Sector
Vice President 200 Chestnut Ridge Road, President, Climate Control,
Woodcliff Lake, New Jersey 07677 Ingersoll-Rand Company Limited.
------------------------------------ ------------------------------------ ------------------------------------
Timothy R. McLevish, c/o Ingersoll-Rand Company Senior Vice President and Chief
Senior Vice President and 200 Chestnut Ridge Road, Financial Officer, Ingersoll-Rand
Chief Financial Officer Woodcliff Lake, New Jersey 07677 Company Limited.
------------------------------------ ------------------------------------ ------------------------------------
Donald H. Rice, Senior c/o Ingersoll-Rand Company Senior Vice President, Global
Vice President 200 Chestnut Ridge Road, Business Services and Human
Woodcliff Lake, New Jersey 07677 Resources, Ingersoll-Rand Company
Limited.
------------------------------------ ------------------------------------ ------------------------------------
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Page 13 of 17 Pages
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------------------------------------ ------------------------------------ ------------------------------------
Randy P. Smith, Senior c/o Ingersoll-Rand Company Senior Vice President and Sector
Vice President 200 Chestnut Ridge Road, President, Security and Safety,
Woodcliff Lake, New Jersey 07677 Ingersoll-Rand Company Limited.
------------------------------------ ------------------------------------ ------------------------------------
John E. Turpin, Senior c/o Ingersoll-Rand Company Senior Vice President and Sector
Vice President 200 Chestnut Ridge Road, President, Industrial Solutions,
Woodcliff Lake, New Jersey 07677 Ingersoll-Rand Company Limited.
------------------------------------ ------------------------------------ ------------------------------------
Christopher P. Vasiloff, c/o Ingersoll-Rand Company Senior Vice President and Sector
Senior Vice President 200 Chestnut Ridge Road, President, Infrastructure Sector,
Woodcliff Lake, New Jersey 07677 Ingersoll-Rand Company Limited.
------------------------------------ ------------------------------------ ------------------------------------
Richard W. Randall, Vice c/o Ingersoll-Rand Company Vice President and Controller,
President and Controller 200 Chestnut Ridge Road, Ingersoll-Rand Company Limited.
Woodcliff Lake, New Jersey 07677
------------------------------------ ------------------------------------ ------------------------------------
DIRECTORS AND EXECUTIVE OFFICERS
OF INGERSOLL-RAND GLOBAL HOLDING COMPANY LIMITED
The following table sets forth the name, business address and
present principal occupation or employment of each director and executive
officer of Ingersoll-Rand Global Holding Company Limited. Each such person is
a U.S. citizen.
Board of Directors
------------------------------------ ------------------------------------ ------------------------------------
Name and Title Business Address Present Principal Occupation
------------------------------------ ------------------------------------ ------------------------------------
Ronald G. Heller, c/o Ingersoll-Rand Company Vice President, Deputy General
Director, Vice President 200 Chestnut Ridge Road, Counsel & Secretary, Ingersoll-
and Assistant Secretary Woodcliff Lake, New Jersey 07677 Rand Company Limited.
------------------------------------ ------------------------------------ ------------------------------------
Patricia Nachtigal c/o Ingersoll-Rand Company Senior Vice President and General
Director, Senior Vice 200 Chestnut Ridge Road, Counsel, Ingersoll-Rand Company
President and General Counsel Woodcliff Lake, New Jersey 07677 Limited.
------------------------------------ ------------------------------------ ------------------------------------
Gerald E. Swimmer c/o Ingersoll-Rand Company Vice President, Ingersoll-Rand
Director, Vice President 200 Chestnut Ridge Road, Company Limited.
Woodcliff Lake, New Jersey 07677
------------------------------------ ------------------------------------ ------------------------------------
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Page 14 of 17 Pages
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Executive Officers Who Are Not Directors
------------------------------------ ------------------------------------ ------------------------------------
Name and Title Business Address Present Principal Occupation
------------------------------------ ------------------------------------ ------------------------------------
Peter Hong, Vice President and c/o Ingersoll-Rand Company Vice President and Treasurer,
Treasurer 200 Chestnut Ridge Road, Ingersoll-Rand Company Limited
Woodcliff Lake, New Jersey 07677
------------------------------------ ------------------------------------ ------------------------------------
DIRECTORS AND EXECUTIVE OFFICERS
OF INGERSOLL-RAND (BARBADOS) HOLDING INCORPORATED
The following table sets forth the name, business address and
present principal occupation or employment of each director and executive
officer of Ingersoll-Rand Barbados Holding Incorporated. Each such person is a
U.S. citizen.
Board of Directors
------------------------------------ ------------------------------------ ------------------------------------
Name and Title Business Address Present Principal Occupation
------------------------------------ ------------------------------------ ------------------------------------
Ronald G. Heller, c/o Ingersoll-Rand Company Vice President, Deputy General
Director & Vice President 200 Chestnut Ridge Road, Counsel & Secretary, Ingersoll-
and Assistant Secretary Woodcliff Lake, New Jersey 07677 Rand Company Limited.
------------------------------------ ------------------------------------ ------------------------------------
Peter Hong, Director & c/o Ingersoll-Rand Company Vice President and Treasurer,
Vice President and 200 Chestnut Ridge Road, Ingersoll-Rand Company Limited
Treasurer Woodcliff Lake, New Jersey 07677
------------------------------------ ------------------------------------ ------------------------------------
Gerald E. Swimmer c/o Ingersoll-Rand Company Vice President, Ingersoll-Rand
Director, Vice President 200 Chestnut Ridge Road, Company Limited.
Woodcliff Lake, New Jersey 07677
------------------------------------ ------------------------------------ ------------------------------------
Executive Officers Who Are Not Directors
------------------------------------ ------------------------------------ ------------------------------------
Name and Title Business Address Present Principal Occupation
------------------------------------ ------------------------------------ ------------------------------------
Patricia Nachtigal c/o Ingersoll-Rand Company Senior Vice President and
Director, Senior Vice President 200 Chestnut Ridge Road, General Counsel, Ingersoll-
and General Counsel Woodcliff Lake, New Jersey 07677 Rand Company Limited.
------------------------------------ ------------------------------------ ------------------------------------
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Page 15 of 17 Pages
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DIRECTORS AND EXECUTIVE OFFICERS
OF INGERSOLL-RAND COMPANY LIMITED
The following table sets forth the name, business address and
present principal occupation or employment of each director and executive
officer of Ingersoll-Rand Company Limited. Each such person is a U.S. citizen,
except Messr. Godsoe, who is a citizen of Canada.
Board of Directors
------------------------------------ ------------------------------------ ------------------------------------
Name and Title Business Address Present Principal Occupation
------------------------------------ ------------------------------------ ------------------------------------
Herbert L. Henkel c/o Ingersoll-Rand Company Chairman, President and Chief
Chairman, President and 200 Chestnut Ridge Road, Executive Officer.
Chief Executive Officer Woodcliff Lake, New Jersey 07677
------------------------------------ ------------------------------------ ------------------------------------
Patricia Nachtigal c/o Ingersoll-Rand Company Senior Vice President and General
Director, Senior Vice 200 Chestnut Ridge Road, Counsel.
President and General Counsel Woodcliff Lake, New Jersey 07677
------------------------------------ ------------------------------------ ------------------------------------
Ann C. Berzin c/o Ingersoll-Rand Company Former Chairman and Chief Executive
Director 200 Chestnut Ridge Road, Officer of Financial Guaranty
Woodcliff Lake, New Jersey 07677 Insurance Company, a subsidiary
of General Electric Capital
Corporation.
------------------------------------ ------------------------------------ ------------------------------------
George W. Buckley c/o Ingersoll-Rand Company Chairman and Chief Executive
Director 200 Chestnut Ridge Road, Officer of Brunswick Corporation.
Woodcliff Lake, New Jersey 07677
------------------------------------ ------------------------------------ ------------------------------------
Peter C. Godsoe c/o Ingersoll-Rand Company Chairman of the Board and Chief
Director 200 Chestnut Ridge Road, Executive Officer of the Bank of
Woodcliff Lake, New Jersey 07677 Nova Scotia.
------------------------------------ ------------------------------------ ------------------------------------
Constance Horner c/o Ingersoll-Rand Company Guest Scholar at the Brookings
Director 200 Chestnut Ridge Road, Institution.
Woodcliff Lake, New Jersey 07677
------------------------------------ ------------------------------------ ------------------------------------
H. William Lichtenberger c/o Ingersoll-Rand Company Retired Chairman, President and
Director 200 Chestnut Ridge Road, Chief Executive Officer of
Woodcliff Lake, New Jersey 07677 Praxair, Inc.
------------------------------------ ------------------------------------ ------------------------------------
Theodore E. Martin c/o Ingersoll-Rand Company Retired President and Chief
Director 200 Chestnut Ridge Road, Executive Officer of Barnes
Woodcliff Lake, New Jersey 07677 Group, Inc.
------------------------------------ ------------------------------------ ------------------------------------
Orin R. Smith c/o Ingersoll-Rand Company Retired Chairman and Chief
Director 200 Chestnut Ridge Road, Executive Officer of Engelhard
------------------------------------ ------------------------------------ ------------------------------------
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Page 16 of 17 Pages
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------------------------------------ ------------------------------------ ------------------------------------
Woodcliff Lake, New Jersey 07677 Corporation.
------------------------------------ ------------------------------------ ------------------------------------
Richard J. Swift c/o Ingersoll-Rand Company Chairman of Financial Accounting
Director 200 Chestnut Ridge Road, Standards Advisory Council.
Woodcliff Lake, New Jersey 07677
------------------------------------ ------------------------------------ ------------------------------------
Tony L. White c/o Ingersoll-Rand Company Chairman, President and Chief
Director 200 Chestnut Ridge Road, Executive Officer of Applera
Woodcliff Lake, New Jersey 07677 Corporation.
------------------------------------ ------------------------------------ ------------------------------------
Executive Officers Who Are Not Directors
------------------------------------ ------------------------------------ ------------------------------------
Name and Title Business Address Present Principal Occupation
------------------------------------ ------------------------------------ ------------------------------------
Gordon A. Mapp, Senior Vice c/o Ingersoll-Rand Company Senior Vice President, Sector
President 200 Chestnut Ridge Road, President, Climate Control.
Woodcliff Lake, New Jersey 07677
------------------------------------ ------------------------------------ ------------------------------------
Timothy R. McLevish, Senior c/o Ingersoll-Rand Company Senior Vice President and
Vice President and Chief 200 Chestnut Ridge Road, Chief Financial Officer.
Financial Officer Woodcliff Lake, New Jersey 07677
------------------------------------ ------------------------------------ ------------------------------------
Donald H. Rice, Senior Vice c/o Ingersoll-Rand Company Senior Vice President, Global
President 200 Chestnut Ridge Road, Business Services and Human
Woodcliff Lake, New Jersey 07677 Resources.
------------------------------------ ------------------------------------ ------------------------------------
Randy P. Smith, Senior Vice c/o Ingersoll-Rand Company Senior Vice President and
President 200 Chestnut Ridge Road, Sector President, Security and
Woodcliff Lake, New Jersey 07677 Safety.
------------------------------------ ------------------------------------ ------------------------------------
John E. Turpin, Senior Vice c/o Ingersoll-Rand Company Senior Vice President and
President 200 Chestnut Ridge Road, Sector President, Industrial
WoodcliffLake, New Jersey 07677 Solutions.
------------------------------------ ------------------------------------ ------------------------------------
Christopher P. Vasiloff, Senior c/o Ingersoll-Rand Company Senior Vice President and
Vice President 200 Chestnut Ridge Road, Sector President, Infrastructure
Woodcliff Lake, New Jersey 07677 Sector.
------------------------------------ ------------------------------------ ------------------------------------
Richard W. Randall, Senior c/o Ingersoll-Rand Company Vice President and Controller.
Vice President and Controller 200 Chestnut Ridge Road,
Woodcliff Lake, New Jersey 07677
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Page 17 of 17 Pages
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EXHIBIT INDEX
Exhibit Description
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1. Stock and Asset Purchase Agreement, dated as of October 16, 2002,
among Ingersoll-Rand Company Limited, on behalf of itself and the
other sellers named therein, and the Timken Company, on behalf of
itself and the other buyers names therein, incorporated by reference
to Exhibit 2.1 on the Form 8-K filed by Ingersoll-Rand Company
Limited on October 17, 2002.
2. Amendment to Stock and Asset Purchase Agreement dated as of February
18, 2003, amending the Stock Purchase Agreement, dated as of October
16, 2002, between Ingersoll-Rand Company Limited, on behalf of
itself and certain of its subsidiaries and The Timken Company, on
behalf of itself and certain of its subsidiaries.
3. Standstill and Voting Agreement, dated as of February 18, 2003,
between The Timken Company, Ingersoll-Rand Company and Ingersoll-Rand
Company Limited.
4. Registration Rights Agreement, dated as of February 18, 2003,
between The Timken Company and Ingersoll-Rand Company.
5. Joint Filing Agreement relating to the filing of this Schedule 13D,
as required by Rule 13d-1(k)(1) under the Securities Exchange Act of
1934, as amended.