Timken Extends Aerospace Aftermarket Product Portfolio
03 Novembre 2008 - 7:00PM
Business Wire
The Timken Company (NYSE: TKR) today announced it has acquired the
assets of EXTEX Ltd., a leading designer and marketer of
high-quality replacement engine parts for the aerospace
aftermarket. The acquisition will add most of EXTEX�s nearly 600
Federal Aviation Administration (FAA) parts manufacturer approval
(PMA) components to Timken�s existing portfolio of more than 1,400
PMAs. This expanded PMA base further positions Timken to offer
comprehensive fleet-support programs, including asset management
that maximizes uptime for aircraft operators. Based in Gilbert,
Ariz., EXTEX had sales of approximately $15.4 million in 2007. The
company was founded in 1995 to address the growing need for
high-quality replacement engine parts, including compressor and
turbine blades and vanes, shrouds, nozzles and gears. Throughout
its 13 years of business, EXTEX had expanded its portfolio of PMA
designs to serve three families of engines, including Rolls-Royce
250, Pratt & Whitney Canada PT6 and Honeywell auxiliary power
units. "The combination of EXTEX�s knowledge and engineering
expertise with Timken�s manufacturing capabilities make it a great
addition to Timken's growing aerospace aftermarket solutions
business," said J. Ron Menning, president - aerospace and defense.
"As we accelerate our growth in this strategic market sector, we
will continue to extend our capabilities to meet the needs of our
expanding aerospace customer base.� Terms of the acquisition were
not disclosed. In the last four years, Timken has made several
investments that have enabled the company to expand its presence
and capabilities to serve the total lifecycle of overhaul and
replacement part needs for the aviation industry. About The Timken
Company The Timken Company (NYSE: TKR, http://www.timken.com) keeps
the world turning, with innovative friction management and power
transmission products and services, enabling our customers to
perform faster and more efficiently. With sales of $5.2 billion in
2007, operations in 27 countries and approximately 25,000
employees, 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 the extension 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 risks associated with the integration of the
acquired business; and adverse changes in the market sectors served
by EXTEX. These and additional factors are described in greater
detail in the company's Annual Report on Form 10-K for the year
ended Dec. 31, 2007, page 40 and in the company�s Form 10-Q for the
quarter ended June 30, 2008. The company undertakes no obligation
to update or revise any forward-looking statement.
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