Bearings and power transmission products maker The Timken Company this week added an industrial roller-chain manufacturer to its operations.
Timken, based in North Canton, Ohio, acquired The Diamond Chain Company from Chicago railroad components manufacturer Amsted Industries for an undisclosed sum. Timken officials said the newly added company supplies many process industries, including the distribution, material handling, food and beverage, agriculture, and construction segments.
The Diamond Chain Company, based in Indianapolis, reported more than $60 million in sales during the most recent 12-month window and employs a workforce of about 370.
Timken said the deal would bring the power transmission products’ share of its overall revenue to about one-third.
“The acquisition expands our leadership in roller chain, builds on our strong position in distribution and adds depth to our manufacturing capabilities in Asia,” Timken President and CEO Richard Kyle said in a statement.