Yes and no.

On the one hand they deny the existence of a hell and have replaced the word “hell” with the term “Gehenna” in their own Bible (“New World Translation of the Holy Scriptures”, 1984). On the other hand, however, there is talk of a “fiery Gehenna” (Matthew 5:22) and of a “Gehenna … where … the fire is not put out” (Mark 9:47-48).
(see The Judgment)