Mergers & Acquisitions
Original Press Release
Timken Acquires Torsion Control Products, Broadening Its Couplings Product Line
Press release date: April 7, 2017
NORTH CANTON, Ohio, April 7, 2017 - The Timken Company (NYSE: TKR; www.timken.com), a global leader in bearings and mechanical power transmission products, today announced that it has acquired Torsion Control Products, Inc., a manufacturer of engineered torsional couplings used in the construction, agriculture and mining industries.
"The acquisition of Torsion Control Products further expands our existing couplings business with technically differentiated products," said Richard G. Kyle, Timken president and chief executive officer. "We are excited to expand our product offering, combining Torsion Control Products' torsional couplings with our line of Lovejoy® couplings to bring greater solutions to bearing and mechanical power transmission customers."
Based in Rochester Hills, Mich., Torsion Control Products serves an established original equipment customer base primarily in North America. In 2016, sales were approximately $20 million.
This acquisition is part of the company's strategy to grow its portfolio of bearings and mechanical power transmission products. In recent years, acquired mechanical offerings have included gears and gear drives, chain, belts, couplings and lubrication delivery systems, as well as a variety of related services. These product lines are marketed under strong industrial brands including Timken®, Philadelphia Gear®, Drives®, Lovejoy® and Interlube™.
Terms of the transaction were not disclosed.
About The Timken Company
The Timken Company (NYSE: TKR; www.timken.com) engineers, manufactures and markets bearings, gear drives, belts, chain, couplings, and related products, and offers a spectrum of powertrain rebuild and repair services. The leading authority on tapered roller bearings, Timken today applies its deep knowledge of metallurgy, tribology and mechanical power transmission across a variety of bearings and related systems to improve reliability and efficiency of machinery and equipment all around the world. The company's growing product and services portfolio features many strong industrial brands including Timken®, Fafnir®, Philadelphia Gear®, Drives®, Lovejoy® and Interlube™. Known for its quality products and collaborative technical sales model, Timken posted $2.7 billion in sales in 2016. With more than 14,000 employees operating from 28 countries, Timken makes the world more productive and keeps industry in motion.
SOURCE The Timken Company
Web Site: http://www.timken.com