CANTON, Ohio, April 28, 2014 /PRNewswire/ -- The Timken
Company (NYSE: TKR; www.timken.com) today announced the further
expansion of its industrial services capabilities with the
acquisition of assets from the Schulz Group, based in New Haven, Conn.
Schulz Group provides electric motor and generator repairs,
motor rewinds, custom controls and panels, systems integration,
pump services, machine rebuilds, hydro services and diagnostics for
a broad range of commercial and industrial applications. The
company serves customers nationwide in the commercial nuclear power
sector, as well as regionally in the hydro and fossil fuel market
sectors, water management, paper and general manufacturing sectors
in the New England and Mid-Atlantic regions. In 2013, Schulz Group
had full-year sales of approximately $18
million and employed 125 people.
"The acquisition of Schulz Group further advances our strategy
to expand our capabilities and geographic reach," said Carl D. Rapp, vice president of power systems
for Timken. "Schulz brings to our portfolio of services more than a
century of motor experience and decades of unique application
experience in the nuclear and hydro market sectors." These new
business activities become part of The Timken Company's Process
Industries segment.
The purchase includes assets from Maine Industrial Repair
Services, Inc., based in Augusta,
Maine; Schulz Electric Company in New Haven, Conn.; S.E.C. Electrical located in
Braintree, Mass.; and Stultz
Electric Motor & Controls of Portland, Maine, which collectively operate as
the Schulz Group.
With The Timken Company's acquisitions of Philadelphia Gear, the
Wazee Companies, Smith Services, Standard Machine, and the Schulz
Group, the company now provides industrial services throughout
North America.
About Schulz Group
The Schulz Group provides electric motor repairs, electric motor
rewinds, custom controls and panels, systems integration, pump
services, machine rebuilds, hydro services, safety-related
services, energy efficiency solutions, and diagnostic services for
commercial and industrial applications from locations in the
Northeast United States. The
Schulz Group has been providing high quality electric motor and
controls services for more than 100 years.
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 industrial 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
$4.3 billion in 2013 and
approximately 19,000 people operating from 28 countries, Timken
makes the world more productive and keeps industry in motion.
Media Contact:
|
Investor
Contact:
|
Pat
Burnham
|
Steve
Tschiegg
|
Global Media
Relations
|
Director – Capital
Markets & Investor Relations
|
4500 Mount Pleasant
Street,
NW
|
4500 Mount Pleasant
Road, NW
|
North Canton, OH
44720
U.S.A.
|
North Canton, OH
44720 U.S.A.
|
Telephone:
(330)471-3514
|
Telephone:
(330)471-7446
|
pat.carlson@timken.com
|
steve.tschiegg@timken.com
|
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SOURCE The Timken Company