Timken Company completed the acquisition of drives LLC
Timken Company completed people's increasingly high requirements for the air quality of automotive interiors. The acquisition of drives LLC
China Construction machinery information
Guide: the addition of transmission chain manufacturers further expanded the application of Timken's power transmission product portfolio in different industrial fields, and expanded the company's product range globally. Shanghai, China October 17, 2011 Timken Company (nyse: TKR) recently announced that the company
· the addition of transmission chain manufacturers has further expanded the application of Timken's power transmission product portfolio in different industrial fields, and expanded the company's product range globally
Shanghai, China - October 17, 2011 - Timken Corporation (nyse: TKR) recently announced that it had completed the acquisition of drives LLC, a non listed company, with us $92million in cash. The acquired drives company is a leading manufacturer of high-tech transmission chains, roller chains and conveyor bits for the vehicle equipment and industrial machinery industries
"we very much welcome drives to join Timken's family. This is another exciting new measure for our diversified development in power transmission and mechanical movement, and it also broadens the overall range of technology we provide our customers." Chris Kauflin, President of Timken's global processing equipment industry division, said: "like other recent acquisitions, drives has further strengthened Timken's product portfolio, giving us more opportunities to expand various industrial applications and global expansion."
drives, headquartered in Fulton, Illinois, has 430 employees in North America, with total sales of about $100million in the past 12 months. The company's products are crucial to vehicle equipment and industrial machinery widely used in agriculture, oil and gas fields, aggregates and mining, metallurgy, forestry and other heavy industries. In addition, what attracts Timken is the strength of drives in the food and beverage and packaging industries, which need high-end professional products such as stainless steel and anti-corrosion roller chains
"we are happy to join Timken and look forward to pursuing new development opportunities with the team." James F. lamb, the president of VES company, will join Timken Company and continue to take charge of the new drives LLC business of Timken Company: "this is a strong alliance between the two companies with broad global development prospects. We hope to combine the advantages of both sides and bring greater value to customers."
this acquisition is expected to increase Timken's full year earnings in 2012, and its financial performance will be reflected in the performance of the company's vehicle equipment industry and processing equipment industry in proportion
about drives LLC
drives, founded in 1959, is a leading manufacturer of ANSI precision roller chains, articulated chains, agricultural conveyor chains, engineering chains, oil field roller chains and drilling machine products for the global market
about Timken Company
Timken Company (nyse: TKR;) Through its innovative friction management and power transmission products and services to keep the world running, its products and services are the key to help the continuous working mechanical equipment achieve efficient and reliable operation. Timken's sales reached US $4.1 billion in 2010, with operations in 30 countries and 20000 employees. This company is the best choice for you to improve your work performance (where you turn)
some non historical factual statements in this draft (including statements about Timken's expectations) are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Specifically, statements about revenue growth, growth prospects and strength expansion are forward-looking statements. Timken Company warns that due to various important factors, the actual results may be significantly different from the damage prediction or implied situation of some data collection equipment such as sensors in the forward-looking statements due to the development of the plastic recycled particle industry. These factors include: the failure to successfully integrate the drives business into the company's operations or the failure to achieve the expected synergy caused by mergers and acquisitions; Unexpected downturn in the business relationship between the company and its customers; The pressure of competition on the company's sales and pricing; Or adverse changes in the overall economy or the market served by drives. Other factors are also discussed in the company's documents submitted to the securities and Exchange Commission (including the company's annual report on form 10-K, quarterly report on form 10-Q, and current report on form 8-K). The company does not undertake to update or modify any forward-looking statements