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Timken recently announced that it has acquired the Diamond Chain Co. from Amsted Industries. A leading supplier of high-performance roller chains for industrial markets, Diamond Chain serves a diverse range of sectors, including industrial distribution, material handling, food and beverage, agriculture, construction and other process industries. Over the past 12 months, the company posted sales of more than $60 million.
"The acquisition of the Diamond Chain Co. adds another strong industrial brand with a reputation for quality, reliability and performance to Timken's growing power-transmission portfolio," said Richard G. Kyle, Timken president and chief executive officer. "Diamond Chain is a premier brand in the North American distribution channel and is an excellent strategic fit with our drives chain business.”
Founded in 1890 and headquartered in Indianapolis, Diamond Chain has manufacturing operations in the United States and China. The company currently employs approximately 370 people.
With the acquisition of Diamond Chain, Timken's power-transmission portfolio now accounts for roughly one-third of the company’s revenue. Timken expects Diamond Chain results to be reported mostly through Timken's Process Industries business segment.
“The acquisition expands our leadership in roller chain, builds on our strong position in distribution and adds depth to our manufacturing capabilities in Asia,” Kyle added. “We expect to drive significant synergies with the combination of Diamond Chain and Drives."
For more information, visit www.timken.com.