NORTH CANTON, Ohio,
Sept. 1, 2015 /PRNewswire/
-- The Timken Company (NYSE: TKR; www.timken.com), the world
leader in tapered roller bearings, today announced that it has
completed the previously announced transaction with American
Industrial Partners to acquire the Carlstar Belts Business. The
business, a leading North American manufacturer of belts used in
industrial, commercial and consumer applications, markets
well-recognized brands including Carlisle®, Ultimax® and
Panther®, among others.
"We are excited to bring the belts business into The Timken
Company. Belts are an integral part of our customers' power
transmission systems and Carlstar has a long history of leadership
in industrial belt manufacturing, technology and quality," said
Richard G. Kyle, Timken president and chief executive officer.
"Our work leading up to closing has only reinforced that we have
acquired a strong business with a talented workforce."
The company expects the transaction to be accretive over the
balance of 2015. For the 12 months ending June 30, 2015,
Carlstar Belt sales were approximately $140 million.
The belts business further diversifies the company's portfolio
beyond engineered bearings, bringing customers an expanded offering
of premium mechanical power transmission products and services. In
addition to belts, the Timken power transmission portfolio includes
gearboxes, housed unit bearings, chain, couplings, lubrication
systems and a variety of industrial services, which are marketed
under well-known industrial brands including Timken®,
Philadelphia Gear®, Drives® and
Interlube™.
"Our businesses are highly complementary, with Timken serving
many of the same end-markets and customers," said John Vassilaros, who will continue to lead the
belt business for Timken. "Our customers and our employees view the
transaction positively, and we are pleased to be joining an
industrial leader that will invest in our business and shares our
passion for power transmission products."
Carlstar Belts, headquartered in Springfield, Mo., has approximately 750
employees and two U.S. manufacturing facilities. The product
portfolio features more than 20,000 parts engineered for demanding
applications and includes wrap molded, raw edge, v-ribbed and
synchronous belt designs.
About The Timken Company
The Timken Company
(NYSE: TKR; www.timken.com) engineers, manufactures and markets
bearings, transmissions, gearboxes, chain and related products, and
offers a spectrum of powertrain rebuild and repair services. The
leading authority on tapered roller bearings, Timken today applies
its deep knowledge of metallurgy, tribology and mechanical power
transmission across a variety of bearings and related systems to
improve reliability and efficiency of machinery and equipment all
around the world. The company's growing product and services
portfolio features many strong industrial brands including
Timken®, Fafnir®, Philadelphia
Gear®, Carlisle®, Drives® and
Interlube™. Known for its quality products and
collaborative technical sales model, Timken posted $3.1 billion in sales in 2014. With 14,000
employees 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
regarding accretion and the expected market opportunities 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 integrate the newly
acquired business into the company's operations or achieve the
expected synergies associated with the acquisition; 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, 2014,
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 Contact:
Gloria
Irwin
|
Investor
Contact: Shelly Chadwick
|
Communications
Manager
|
Vice
President – Treasury & Investor Relations
|
Telephone: (234)
262-3514
|
Telephone:
(234) 262-3223
|
mediarelations@timken.com
|
shelly.chadwick@timken.com
|
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SOURCE The Timken Company