CANTON, Ohio, Oct. 3, 2011 /PRNewswire/ -- 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.
(Logo: http://photos.prnewswire.com/prnh/20100210/TIMKENLOGO
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"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."
With 12-month sales of approximately $100 million, Fulton, Ill.-based Drives has 430 employees in North
America. Its engineered products are vital to a wide range of mobile and industrial machinery applications,
including agriculture; oil and gas; aggregate and mining; primary metals; forest products; and other heavy
industries. Also attractive to Timken is the firm's strength in the food and beverage and packaged goods
sectors, which require high-end, specialty products such as stainless-steel and corrosion-resistant roller
chains.
"We are delighted to join forces with Timken, and look forward to pursuing new opportunities with them," said
James F. Lamb, current president of Drives who will join Timken and continue to lead the new Timken Drives
LLC business. "This is a powerful combination with excellent global growth prospects; we're eager to get to
work, leveraging the strengths of both organizations."
The Drives acquisition is expected to be accretive to Timken earnings in its first full year with the
company; financial results will be reported proportionally between the company's Mobile and Process
Industries segments.
About Drives LLC
Founded in 1959, Drives is a leading manufacturer of ANSI precision roller chain, pintle chain, agricultural
conveyor chain, engineering class chain, oil field roller chain and auger products, and serves markets
around the world.
About The Timken Company
The Timken Company (NYSE: TKR; www.timken.com) keeps the world turning
with innovative friction management and power transmission products and services that help machinery perform
efficiently and reliably. With sales of $4.1 billion in 2010 and 20,000 people operating from locations
in 30 countries, Timken is Where You Turn® for better performance.
Certain statements in this news release (including statements regarding the company's expectations) that
are not historical in nature are "forward-looking" statements within the meaning of the Private
Securities Litigation Reform Act of 1995. In particular, the statements related to expectations
regarding accretion, prospects for growth, and expansion of capabilities are forward-looking. The
company cautions that actual results may differ materially from those projected or implied in
forward-looking statements due to a variety of important factors, including: the inability to
successfully integrate the Drives business into the company's operations or achieve the expected
synergies associated with the acquisition; unanticipated downturns in business relationships with
customers; competitive pressures on sales and pricing; or adverse changes in the general economy or the
markets served by Drives. Additional factors are discussed in the company's filings with the
Securities and Exchange Commission, including the company's annual report on Form 10-K, quarterly
reports on Form 10-Q, and current reports on Form 8-K. The company undertakes no obligation to update or
revise any forward-looking statement.
Contacts - Media: Lorrie Paul Crum, Ofc: 330.471.3514; Mob: 330.224.5021. lorrie.crum@timken.com; Investors: Steve Tschiegg, Ofc:
330.471.7446. steve.tschiegg@timken.com, The Timken Company.
SOURCE The Timken Company