Timken Completes Drives LLC Acquisition
The Timken Company (NYSE: TKR) today announced it has completed the $92 million acquisition of Drives LLC, a leading manufacturer of highly engineered drive-chains, roller-chains and conveyor augers for the mobile and industrial machinery sectors.
"We are pleased to welcome Drives to Timken. It is another exciting step in our diversification into power transmission and mechanical motion, and broadens our overall technology offering to customers," said Christopher Coughlin, president of Timken's Process Industries segment. "Like our other recent acquisitions, Drives further strengthens our portfolio, focusing on diverse industrial applications with ample opportunities for global expansion."
© 2017 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.