US Timken Company announces acquisition
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US-based Timken Company Monday announced it has agreed to acquire the business of QM Bearings and Power Transmission, Incorporated, based in Ferndale, Washington. QM manufactures spherical roller bearing steel housed units and elastomeric and steel couplings used in demanding processes such as sawmill and logging operations.
The acquisition is part of the company's continuing effort to provide customers with a wider breadth of friction management and power transmission solutions for the life of their machinery.
"QM is a great addition for Timken, with a solid, value-added product line that extends our portfolio to offer a wider selection of high-performance products for our customers in the process industries," said Chris Coughlin, president of Timken's Process Industries segment. "These units are an excellent fit with our existing product line and Timken's focus on distribution will provide greater opportunity as we extend them further in the global aftermarket channel."
The acquisition, which is expected to be accretive to earnings in its first full year, is subject to certain government and regulatory approvals. Timken expects to close the transaction by the fourth quarter of 2010. Terms of the deal were not disclosed.
QM Bearings and Power Transmission was founded in 1951 as a manufacturer serving area sawmill and logging customers. The company then began to design and manufacture bearings that could withstand the harsh operating conditions common to logging equipment. In the past 12 months, QM posted sales of more than $14 million.
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