Canton, Ohio-based specialty steelmaker The Timken Company announced Friday that it has completed its acquisition of Philadelphia Gear, a major provider of gear-drive systems, with specific interests in the steel and coal sectors. Timken announced late-May that it will pay $200 million to acquire King of Prussia, Pennsylvania-based Philadelphia Gear.
"The Philadelphia Gear acquisition advances our strategy to diversify Timken's portfolio well beyond bearings and assist customers with broader mechanical power transmission services," said James W. Griffith, President and Chief Executive Officer of The Timken Company.