NORTH
CANTON, Ohio, April 29,
2022 /PRNewswire/ -- The Timken Company (NYSE:
TKR; www.timken.com), a global industrial leader in engineered
bearings and power transmission products, has reached an agreement
to acquire Spinea, s.r.o. (Spinea), a European technology leader
and manufacturer of highly engineered cycloidal reduction gears and
actuators. Spinea's solutions primarily serve high-precision
automation and robotics applications in the factory automation
sector. Spinea sales are expected to be around $40 million for the full year
2022.
![The Timken Company Logo. (PRNewsFoto/The Timken Company) (PRNewsFoto/) (PRNewsFoto/) The Timken Company Logo. (PRNewsFoto/The Timken Company) (PRNewsFoto/) (PRNewsFoto/)](https://mma.prnewswire.com/media/333357/the_timken_company_logo.jpg)
"Spinea's well-established position in highly demanding robotics
applications will increase our presence in the growing automation
space," said Richard G. Kyle, Timken
president and chief executive officer. "Spinea brings an exciting
new product line with differentiated technology and
state-of-the-art manufacturing to Timken. We plan to leverage our
global capabilities to scale the business and introduce Spinea's
next-generation solutions to customers around the world."
In recent years, Timken has diversified its portfolio by
expanding its power transmission products and services. This
includes the acquisitions of both Rollon and Cone Drive, which
deliver next-generation technologies for robotics and automation
applications. Spinea complements Cone Drive's precision gearing
business and further advances the company's product offering and
commitment to customer-centric innovation. Spinea will further
scale Timken's position in automation, which was the company's
second-largest market after renewable energy in 2021.
Privately owned and operated since its founding in 1994, Spinea
is located in Presov, Slovakia.
The transaction, which is subject to customary closing conditions,
is expected to close over the next several weeks and will be funded
with cash on hand and borrowings from credit facilities.
About The Timken Company
The Timken Company (NYSE: TKR; www.timken.com) designs a
growing portfolio of engineered bearings and power transmission
products. With more than a century of knowledge and innovation, we
continuously improve the reliability and efficiency of global
machinery and equipment to move the world forward. Timken posted
$4.1 billion in sales in 2021 and
employs more than 18,000 people globally, operating from 42
countries. Timken is recognized among America's Most Responsible
Companies by Newsweek, the World's Most Ethical Companies® by
Ethisphere, and America's Best Employers, Best Employers for New
Graduates and Best Employers for Women by
Forbes.
Safe Harbor
Certain statements in this
release (including statements regarding the company's forecasts,
estimates, plans 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 related to expectations regarding the expected
future financial performance of the newly acquired business and the
timing of the closing of this transaction 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 acquire and integrate the newly acquired business into
the company's operations or achieve the expected synergies
associated with the acquisition; negative impacts to the
newly acquired business as a result of global conflicts and
hostilities; and adverse changes in the markets served by the newly
acquired business. 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, 2021, 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.
Media Relations:
Scott Schroeder
234.262.6420
scott.shroeder@timken.com
Investor Relations:
Neil Frohnapple
234.262.2310
neil.frohnapple@timken.com
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SOURCE The Timken Company