Timken to acquire Drives LLC
September 6, 2011 by Manufacturing AUTOMATION
The Timken Company has agreed to acquire privately held Drives LLC for $92 million US in cash. Based in Fulton, Ill., Drives is a manufacturer of highly engineered drive-chains, roller-chains and conveyor augers for the agricultural and industrial marketplace. The company posted sales of approximately $100 million in the last 12 months, with 430 employees in North America.
“The Drives business brings significant expertise in precision-engineered chain and related products, especially among global equipment manufacturers in agricultural and food processing,” said Christopher Coughlin, president of Timken’s Process Industries segment. “Adding Drives will enhance our overall product portfolio for the industrial process and mobile markets, and offers plenty of upside as we extend their line in the marketplace using Timken’s global infrastructure.”
Timken has been steadily expanding its product offering and capabilities to provide value-added solutions for a diverse range of machinery applications. This purchase, along with Timken’s recent acquisitions of Philadelphia Gear and QM Bearings, further increases the breadth of Timken’s mechanical power transmission product offering and moves the company well beyond its original focus on bearings.
Timken expects to complete the transaction within approximately 30 days, pending certain government and regulatory approvals.