CANTON, Ohio, March 13, 2013 /PRNewswire/ -- The Timken
Company (NYSE: TKR; www.timken.com) today announced its acquisition
of Interlube Systems Ltd., which makes and markets automated
lubrication delivery systems and related components to end market
sectors including commercial vehicles, construction, mining, and
heavy and general industries.
(Logo: http://photos.prnewswire.com/prnh/20100210/TIMKENLOGO
)
With 2012 sales of approximately $13 million and 90
employees, Interlube is based in Plymouth, U.K., has an operation in
Dayton, Ohio, and a joint venture
in Zhuhai, China. The purchase also includes MSP Distributors
Ltd., based in Cheltenham, U.K.,
and acquired by Interlube in 2007, which designs, installs and
repairs lubrication systems.
"We're pleased to have Interlube join the Timken team," said
Michael J. Connors, vice president of distribution for
Timken, in making the announcement. "The management team
brings a wealth of experience and established customer
relationships, and their automated lubrication delivery systems
certainly complement the Timken portfolio of power transmission
products."
As part of its growth strategy, Timken has been steadily adding
to its product portfolio and sees Interlube as highly compatible to
its core bearing product lines and recent power transmission
acquisitions. Over the past two years, Timken has added a
number of new products and services, including roller drive chain,
gearbox repair and motor rewind services.
Interlube focuses on critical applications where an automated
lubrication system can help extend up-time and reduce maintenance
costs for end users, a key strength of Timken as well.
Interlube also brings Timken access to new channels that serve key
end user markets.
"Their expertise and quality product line, coupled with our
global reach and market access, will allow us to grow market share
for Interlube products," Connors added, "as well as expose new
market space for existing Timken applications."
About Interlube Systems Ltd.
Interlube Systems Ltd.,
(www.Interlubesystems.co.uk) is recognized for its quality,
reliable service and workmanship in designing, manufacturing and
installing lubrication delivery systems and components as well as
installation services. Based in Plymouth,
U.K., Interlube provides lubrication delivery solutions to
commercial vehicle, mining, construction, manufacturing and other
heavy industrial customers.
About The Timken Company
The Timken Company (NYSE:
TKR; www.timken.com), a global industrial technology leader,
applies its deep knowledge of materials, friction management and
power transmission to improve the reliability and efficiency of
machinery and equipment all around the world. The company
engineers, manufactures and markets mechanical components and
high-performance steel. Timken® bearings,
engineered steel bars and tubes—as well as transmissions,
gearboxes, chain, related products and services—support diversified
markets worldwide. With sales of $5.0
billion in 2012 and approximately 20,000 people operating
from 30 countries, Timken makes the world more productive and keeps
industry in motion.
Media
Contact: Dan Minnich
|
Investor Contact: Steve Tschiegg
|
Communications
|
Director –
Capital Markets and Investor Relations
|
Mail
Code: GNW-37
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Mail
Code: GNE-26
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1835
Dueber Avenue, S.W.
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1835
Dueber Avenue, S.W.
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Canton, OH
44706-0927 U.S.A.
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Canton, OH
44706-0927 U.S.A.
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Telephone:
(330)471-7760
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Telephone:
(330)471-7446
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dan.minnich@timken.com
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steve.tschiegg@timken.com
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SOURCE The Timken Company