Timken Acquires Schulz Group, Further Expanding Services Offering
Newest Addition Provides Repair Services for Commercial Nuclear and Hydroelectric Power Generation Customers
CANTON, Ohio –Â The Timken Company (NYSE: TKR; www.timken.com) today announced the further expansion of its industrial services capabilities with the acquisition of assets from the Schulz Group, based in New Haven, Conn.
Schulz Group provides electric motor and generator repairs, motor rewinds, custom controls and panels, systems integration, pump services, machine rebuilds, hydro services and diagnostics for a broad range of commercial and industrial applications. The company serves customers nationwide in the commercial nuclear power sector, as well as regionally in the hydro and fossil fuel market sectors, water management, paper and general manufacturing sectors in the New England and Mid-Atlantic regions. In 2013, Schulz Group had full-year sales of approximately $18 million and employed 125 people.
"The acquisition of Schulz Group further advances our strategy to expand our capabilities and geographic reach," said Carl D. Rapp, vice president of power systems for Timken. "Schulz brings to our portfolio of services more than a century of motor experience and decades of unique application experience in the nuclear and hydro market sectors." These new business activities become part of The Timken Company's Process Industries segment.
The purchase includes assets from Maine Industrial Repair Services, Inc., based in Augusta, Maine; Schulz Electric Company in New Haven, Conn.; S.E.C. Electrical located in Braintree, Mass.; and Stultz Electric Motor Controls of Portland, Maine, which collectively operate as the Schulz Group.
With The Timken Company's acquisitions of Philadelphia Gear, the Wazee Companies, Smith Services, Standard Machine, and the Schulz Group, the company now provides industrial services throughout North America.
About Schulz Group
The Schulz Group provides electric motor repairs, electric motor rewinds, custom controls and panels, systems integration, pump services, machine rebuilds, hydro services, safety-related services, energy efficiency solutions, and diagnostic services for commercial and industrial applications from locations in the Northeast United States. The Schulz Group has been providing high quality electric motor and controls services for more than 100 years.
About The Timken Company
The Timken Company (NYSE: TKR; www.timken.com), a global industrial technology leader, applies its deep knowledge of materials, friction management and power transmission to improve the reliability and efficiency of industrial machinery and equipment all around the world. The company engineers, manufactures and markets mechanical components and high-performance steel. Timken® bearings, engineered steel bars and tubes-as well as transmissions, gearboxes, chain, related products and services--support diversified markets worldwide. With sales of $4.3 billion in 2013 and approximately 19,000 people operating from 28 countries, Timken makes the world more productive and keeps industry in motion.
Media Contact:
Pat Burnham
Global Media Relations
4500 Mount Pleasant Street, NW
North Canton, OH 44720 U.S.A.
Telephone: (330)-471-3514
pat.carlson@timken.com
Investor Contact:
Steve Tschiegg
Director - Capital Markets & Investor Relations
4500 Mount Pleasant Road, NW
North Canton, OH 44720 U.S.A.
Telephone: (330)471-7446
steve.tschiegg@timken.com
SOURCE The Timken Company
Web Site: http://www.timken.com
