Timken Extends Aerospace Aftermarket Product Portfolio
Resource from: CBCC Likes:2947
Nov 05,2008
The Timken Company (NYSE: TKR) today announced it has acquired the assets of EXTEX Ltd., a leading designer and marketer of high-quality replacement engine parts for the aerospace aftermarket. The acquisition will add most of EXTEX’s nearly 600 Federal Aviation Administration (FAA) parts manufacturer approval (PMA) components to Timken’s existing portfolio of more than 1,400 PMAs. This expanded PMA base further positions Timken to offer comprehensive fleet-support programs, including asset management that maximizes uptime for aircraft operators.
Based in Gilbert, Ariz., EXTEX had sales of approximately $15.4 million in 2007. The company was founded in 1995 to address the growing need for high-quality replacement engine parts, including compressor and turbine blades and vanes, shrouds, nozzles and gears. Throughout its 13 years of business, EXTEX had expanded its portfolio of PMA designs to serve three families of engines, including Rolls-Royce 250, Pratt & Whitney Canada PT6 and Honeywell auxiliary power units.
"The combination of EXTEX’s knowledge and engineering expertise with Timken’s manufacturing capabilities make it a great addition to Timken's growing aerospace aftermarket solutions business," said J. Ron Menning, president - aerospace and defense. "As we accelerate our growth in this strategic market sector, we will continue to extend our capabilities to meet the needs of our expanding aerospace customer base.”
Terms of the acquisition were not disclosed.
In the last four years, Timken has made several investments that have enabled the company to expand its presence and capabilities to serve the total lifecycle of overhaul and replacement part needs for the aviation industry.
About The Timken Company
The Timken Company (NYSE: TKR, www.timken.com) keeps the world turning, with innovative friction management and power transmission products and services, enabling our customers to perform faster and more efficiently. With sales of $5.2 billion in 2007, operations in 27 countries and approximately 25,000 employees, Timken is Where You Turn™ for better performance.
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