Canton, Ohio-based specialty steelmaker The Timken Company announced Wednesday that it has agreed to acquire Fulton, Illinois based Drives LLC for $92 million. Drives is a leading manufacturer of highly engineered drive-chains, roller-chains and conveyor augers for the agricultural and industrial marketplace.
"The Drives business brings significant expertise in precision-engineered chain and related products, especially among global equipment manufacturers in agricultural and food processing," said Christopher Coughlin, President of Timken's Process Industries segment. "Adding Drives will enhance our overall product portfolio for the industrial process and mobile markets and offers plenty of upside as we extend their line in the marketplace using Timken's global infrastructure."