The Canton, Ohio-based Timken Company announced Monday that it has completed the $92 million acquisition of Drives LLC, a manufacturer of chains and conveyor augers for the industrial and mobile machinery sectors.
Executives from both companies voiced their support of the acquisition. Christopher Coughlin, President of Timken's Process Industries segment said, "We are pleased to welcome Drives to Timken. It is another exciting step in our diversification into power transmission and mechanical motion, and broadens our overall technology offering to customers."
James F. Lamb, the current President of Drives who will join Timken and continue to lead the Timken Drives LLC business, commented, "We are delighted to join forces with Timken, and look forward to pursuing new opportunities with them. This is a powerful combination with excellent global growth prospects; we're eager to get to work, leveraging the strengths of both organizations."