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The Timken Co. recently announced that it has reached an agreement to acquire Cone Drive, a leader in precision drives used in a variety of markets, such as solar, automation, aerial platforms, and food and beverage. The transaction, which is subject to customary regulatory approvals, is expected to close near the end of August 2018.
Headquartered in Traverse City, Michigan, Cone Drive produces a broad range of customizable precision drive products that include Cone Drive and H-Fang branded high-torque worm gears, harmonic solutions and precision slew drives. The company employs approximately 500 people at its manufacturing operations in the United States and China, with sales expected to surpass $100 million in 2018.
The acquisition is part of Timken’s efforts to diversify its portfolio by expanding into power-transmission products and services adjacent to its core bearing lines. This includes gear drives, chains, belts, couplings, automated lubrication systems, industrial clutches and brakes, as well as a variety of related services.
"We are executing our strategy to profitably grow Timken's power-transmission offering across diverse markets around the world," said Richard G. Kyle, Timken president and chief executive officer. "The acquisition of Cone Drive will deepen Timken's position in attractive, high-growth end markets, such as solar, and increase our power-transmission presence in China. Cone Drive is highly complementary to our business, and we plan to generate significant sales and cost synergies with this transaction."
For more information, visit www.timken.com.