NORTH CANTON, Ohio,
Nov. 18, 2014 /PRNewswire/
-- The Timken Company (NYSE: TKR; www.timken.com) today
announced it has reached agreement with ERIKS NV to acquire the
assets of Revolvo Ltd., a specialty bearing company based in
Dudley, U.K. Revolvo makes and
markets ball and roller bearings for industrial applications in
process and heavy industries. The company's split roller bearing
housed units are widely used by mining, power generation, food and
beverage, pulp and paper, metals, cement, marine and waste-water
end users. In 2013, Revolvo posted sales of approximately
$8.3 million.
Timken has been steadily adding to its product portfolio as part
of its growth strategy and over the past three years has acquired a
number of new products and services including roller and engineered
chain, lubrication systems, and gearbox, generator and
motor repair services. The company sees Revolvo as both highly
complementary and integral to filling out the Timken bearing
product lines.
"We're pleased to have Revolvo become part of Timken," said
Hans Landin, product line executive, power transmission and
engineering systems for Timken. "The Revolvo team brings a wealth
of experience and well-established customer relationships, and
their split roller bearing housed unit line will strengthen the
Timken portfolio of bearing and power transmission products.
"These split bearing housed units bring additional breadth to
our industrial product solutions while addressing specific customer
needs," Landin added. "Revolvo's expertise and quality product
line, coupled with Timken's global reach and market access, will
allow us to leverage resources to improve competitiveness and
accelerate the growth of housed unit products, particularly in
Europe and Asia."
Revolvo's line of split-to-the-shaft roller bearing housed units
enables the bearing to be fitted without requiring access to the
shaft ends. Instead, it can be built around the shaft, which
reduces downtime because no other drive components must be removed
during installation or for maintenance. The product design
accommodates misalignment, helps extend up-time, reduces
maintenance costs and increases plant efficiency for end
users.
The acquisition, expected to close within the next few weeks, is
subject to certain customary closing conditions, including employee
consultation. Terms were not disclosed.
About Revolvo Ltd.
Revolvo Ltd. (www.Revolvo.com), a leading global specialist of
split roller housed unit bearing supplier, manufactures solid
and SRB split roller bearings in sizes from 15mm bore to over
1500mm outside diameter. Recognized for its quality, technical
expertise, design and production capacity to deliver special custom
designed RPP precision products and obsolete size of inch and
metric solid and roller bearings. Based in Dudley, U.K., Revolvo provides solutions for
mining, food and beverage, pulp and paper, metals, cement, marine
and waste water industries.
About The Timken Company
The Timken Company (NYSE: TKR; www.timken.com) designs,
engineers, manufactures and markets Timken® bearings,
transmissions, gearboxes, chain and related products, and offers a
spectrum of power system rebuild and repair services around the
world. The leading authority on tapered roller bearings, Timken
today applies its deep knowledge of metallurgy, tribology and power
transmission across the broad spectrum of bearings and related
systems to improve the reliability and efficiency of machinery and
equipment all around the world. Known for its quality products and
collaborative technical sales model, Timken posted $3 billion in sales in 2013 (excluding Steel
business sales). With approximately 17,000 people operating from 28
countries, Timken makes the world more productive and keeps
industry in motion.
Certain statements in this release (including statements
regarding the company's estimates and 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 regarding the company's expectations for
growth in Europe and Asia and the timing of the closing of the
acquisition 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 our ability to successfully close the transaction and
integrate the business into our operations. 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 for the year ended Dec. 31,
2013, quarterly reports on Form 10-Q and current reports on
Form 8-K. Except as required by the federal securities laws, the
company undertakes no obligation to publicly update or revise any
forward-looking statement, whether as a result of new information,
future events or otherwise.
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Media Contact:
Gloria Irwin
|
Investor Contact:
Steve Tschiegg
|
Global Media
Relations
|
Director – Capital
Markets & Investor Relations
|
Telephone: (234)
262-3514
|
Telephone: (234)
262-7446
|
gloria.irwin@timken.com
|
steve.tschiegg@timken.com
|
SOURCE The Timken Company