CANTON, Ohio — The Timken Co. announced it has completed the $92 million acquisition of Drives LLC, a leading manufacturer of highly engineered drive-chains, roller-chains and conveyor augers for the mobile and industrial machinery sectors.
With 12-month sales of approximately $100 million, Fulton, Ill.-based Drives has 430 employees in North America. Its engineered products are vital to a wide range of mobile and industrial machinery applications, including agriculture; oil and gas; aggregate and mining; primary metals; forest products; and other heavy industries. Also attractive to Timken is the firm’s strength in the food and beverage and packaged goods sectors, which require high-end, specialty products such as stainless-steel and corrosion-resistant roller chains.
The Drives acquisition is expected to be accretive to Timken earnings in its first full year with the company; financial results will be reported proportionally between the company’s Mobile and Process Industries segments.