Timken Acquires PT Tech, Adding Industrial Clutches and Brakes to Its Mechanical Power Transmission Portfolio
Timken Acquires PT Tech, Adding Industrial Clutches and Brakes to Its Mechanical Power Transmission Portfolio
PR Newswire
NORTH CANTON, Ohio, May 5, 2017
NORTH CANTON, Ohio, May 5, 2017 /PRNewswire/ -- The Timken Company (NYSE: TKR; www.timken.com), a global leader in bearings and mechanical power transmission products, today announced that it has acquired the assets of PT Tech, Inc., a manufacturer of engineered clutches, brakes, hydraulic power take-off units and other torque management devices used in mining, aggregate, wood recycling and metals industries.
"We are pleased to add industrial clutches and brakes to Timken's growing portfolio of mechanical power transmission products," said Richard G. Kyle, Timken president and chief executive officer. "This acquisition allows us to better serve our customers by offering a broader, more diverse package of products and services. The addition of PT Tech will also provide ample growth opportunities, as we leverage our portfolio to drive growth across complementary markets around the world."
Based in Sharon Center, Ohio, PT Tech serves an established original equipment customer base primarily in North America. In 2016, sales were approximately $20 million.
This acquisition advances the company's strategy to grow its portfolio of mechanical power transmission products to complement its strong position in engineered bearings. In recent years, Timken has completed a number of acquisitions featuring products adjacent to its core bearing lines. This includes belts, gears and gear drives, chain, couplings and lubrication delivery systems, as well as a variety of related services, all marketed under strong industrial brands including Timken®, Philadelphia Gear®, Drives®, Lovejoy® and Interlube™.
Terms of the transaction were not disclosed.
About The Timken Company
The Timken Company (NYSE: TKR; www.timken.com) engineers, manufactures and markets bearings, gear drives, belts, chain, couplings, and related products, and offers a spectrum of powertrain rebuild and repair services. The leading authority on tapered roller bearings, Timken today applies its deep knowledge of metallurgy, tribology and mechanical power transmission across a variety of bearings and related systems to improve reliability and efficiency of machinery and equipment all around the world. The company's growing product and services portfolio features many strong industrial brands including Timken®, Fafnir®, Philadelphia Gear®, Drives®, Lovejoy® and Interlube™. Known for its quality products and collaborative technical sales model, Timken posted $2.7 billion in sales in 2016. With more than 14,000 employees operating from 28 countries, Timken makes the world more productive and keeps industry in motion.
Media Relations:
234.262.3514
[email protected]
Investor Relations:
Jason Hershiser
234.262.7101
[email protected]
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/timken-acquires-pt-tech-adding-industrial-clutches-and-brakes-to-its-mechanical-power-transmission-portfolio-300452260.html
SOURCE The Timken Company
Please make the indicated changes including the new text: US quotes snapshot data provided by IEX. Additional price data and company information powered by Twelve Data.