How does Torrington fit with the Timken Company? What are the expected synergies?

What is your stand-alone valuation of Torrington?

Should Timken be concerned about losing its investment-grade rating? How do Timken's financial ratios compare with those of other industrial firms in 2002? How would those ratios change if Timken borrowed $800Million, for example, to purchase Torrington?

If Timken decides to go forward with the acquisition, how should Timken offer to structure the deal? Is Ingersoll-Rand likely to want a cash deal or a stock-for-stock deal, in your opinion?