Timken Completes Drives LLC Acquisition
Resource from: Timken Likes:3057
Oct 09,2011
Addition of drive chain maker further expands Timken power transmission portfolio for diverse industrial applications; product offering to be expanded globally
CANTON, Ohio, Oct. 3, 2011 /PRNewswire/ -- The Timken Company (NYSE: TKR) today announced it has completed the $92 million acquisition of Drives LLC, a leading manufacturer of highly engineered drive-chains, roller-chains and conveyor augers for the mobile and industrial machinery sectors.
(Logo: http://photos.prnewswire.com/prnh/20100210/TIMKENLOGO )
"We are pleased to welcome Drives to Timken. It is another exciting step in our diversification into power transmission and mechanical motion, and broadens our overall technology offering to customers," said Christopher Coughlin, president of Timken's Process Industries segment. "Like our other recent acquisitions, Drives further strengthens our portfolio, focusing on diverse industrial applications with ample opportunities for global expansion."
With 12-month sales of approximately $100 million, Fulton, Ill.-based Drives has 430 employees in North America. Its engineered products are vital to a wide range of mobile and industrial machinery applications, including agriculture; oil and gas; aggregate and mining; primary metals; forest products; and other heavy industries. Also attractive to Timken is the firm's strength in the food and beverage and packaged goods sectors, which require high-end, specialty products such as stainless-steel and corrosion-resistant roller chains.
"We are delighted to join forces with Timken, and look forward to pursuing new opportunities with them," said James F. Lamb, current president of Drives who will join Timken and continue to lead the new Timken Drives LLC business. "This is a powerful combination with excellent global growth prospects; we're eager to get to work, leveraging the strengths of both organizations."
The Drives acquisition is expected to be accretive to Timken earnings in its first full year with the company; financial results will be reported proportionally between the company's Mobile and Process Industries segments.
About Drives LLC
Founded in 1959, Drives is a leading manufacturer of ANSI precision roller chain, pintle chain, agricultural conveyor chain, engineering class chain, oil field roller chain and auger products, and serves markets around the world.
(Timken)
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