Timken Acquires Roller Chain Supplier Diamond Chain from Amsted.
M2 EQUITYBITES-April 3, 2019-Timken Acquires Roller Chain Supplier Diamond Chain from Amsted
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3 April 2019 - Ohio, US-based engineered bearings and power transmission designer Timken Company (NYSE: TKR) has acquired Indiana, US-based roller chain supplier The Diamond Chain Company from Amsted Industries, the company said.
The acquisition was funded with cash on hand and through borrowings under existing credit facilities. Timken expects the acquisition to be accretive to adjusted earnings in 2019. Terms of the transaction were not disclosed.
The acquisition of The Diamond Chain Company adds another strong industrial brand with a reputation for quality, reliability and performance to Timken's growing power transmission portfolio.
Timken said the acquisition expands its leadership in roller chain, builds on its position in distribution and adds depth to manufacturing capabilities in Asia.
The Timken Company designs a growing portfolio of engineered bearings and power transmission products. Timken posted USD 3.6bn in sales in 2018 and employs more than 17,000 people globally, operating from 35 countries.
Diamond Chain is a supplier of high-performance roller chains for industrial markets.
The company serves a diverse range of sectors, including industrial distribution, material handling, food and beverage, agriculture, construction and other process industries. For the 12 months ended March 31, 2019, Diamond Chain posted sales of over USD 60m.
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|Publication:||M2 EquityBites (EQB)|
|Date:||Apr 3, 2019|
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