Canton, Ohio-based specialty steelmaker The Timken Company announced Friday that it will acquire King of Prussia, Pennsylvania-based Philadelphia Gear Corp, a manufacturer of gear drives and components for the steel industry, for $200 million.
"Philadelphia Gear is an excellent fit with Timken," said Chris Coughlin, president of Timken's Process Industries segment. "Like Timken, it is a leader in industrial services providing highly engineered solutions and replacement components for mechanical power transmission equipment. It will strengthen our presence precisely in the areas we've targeted, with excellent prospects for profitable growth via extension to our customer base around the world."