Timken this week announced two recent acquisitions: Cone Drive based in Michigan, and Rollon, headquartered in Italy.

The Timken Co., a world leader in engineered bearings and power transmission products, has reached an agreement to acquire Cone Drive, a leader in precision drives used in diverse markets including solar, automation, aerial platforms, and food and beverage. Cone Drive sales are expected to be slightly above $100 million for the full year 2018.

“We are executing our strategy to profitably grow Timken’s power transmission offering across diverse markets around the world,” said Richard Kyle, Timken president and CEO. “The acquisition of Cone Drive will deepen Timken’s position in attractive, high-growth end markets such as solar and increase our power transmission presence in China. Cone Drive is highly complementary to our business, and we plan to generate significant sales and cost synergies with this transaction.”

Cone Drive is headquartered in Traverse City, Michigan, and has manufacturing operations in the United States and China. The company has a global customer base and employs approximately 500 people. The business produces a broad range of highly customizable precision drive products that include Cone Drive- and H-Fang-branded high-torque worm gears, harmonic solutions and precision slew drives.

In recent years, Timken has diversified its portfolio by expanding into power transmission products and services adjacent to its core bearing lines. This includes gear drives, chain, belts, couplings, automated lubrication systems, industrial clutches and brakes, and a variety of related services, all marketed under strong industrial brands that include Timken, Philadelphia Gear, Groeneveld, Drives and Lovejoy.

Timken expects the acquisition to be accretive to earnings per share excluding one-time costs in the first year of ownership. The transaction, which is subject to customary government and regulatory approvals, is expected to close near the end of August 2018 and will be funded with debt.

Also today, Timken announced it has reached an agreement with pan-European firm Chequers Capital and IGI Private Equity to acquire Rollon Group. A leader in engineered linear motion products, Rollon specializes in the design and manufacture of linear guides, telescopic rails and linear actuators used in a wide range of industries such as passenger rail, aerospace, packaging and logistics, medical and automation. Rollon sales are expected to be about $140 million for the full year 2018.

“Like Timken, Rollon is an expert in motion technology and is recognized for developing customized linear motion products for their customers’ application challenges,” said Kyle. “With its proven operating model and value proposition, Rollon will open up exciting new growth opportunities for the company.”

Headquartered near Milan, Italy, Rollon has manufacturing operations in Italy, Germany and the United States. Rollon employs approximately 600 people and boasts an extensive sales and engineering network around the world to serve its global customer base.

Like the Cone Drive acquisition, Rollon’s linear motion product line complements other Timken brands. With this acquisition, Timken continues its strategy to diversify its portfolio with products and services that also include bearings, gear drives, chain, belts, couplings, automated lubrication systems, industrial clutches and brakes, and a variety of related industrial services.

Timken expects the acquisition to be accretive to earnings in the first year of ownership. The transaction, which is subject to customary regulatory approvals, is expected to close in late September 2018 and will be funded with debt.