Timken Further Diversifies Portfolio with Acquisition of Interlube Systems Ltd.
Plymouth, U.K.-based business provides automated lubrication delivery systems and services
CANTON, Ohio, March 13, 2013 /PRNewswire/ -- The Timken Company (NYSE: TKR; www.timken.com) today announced its acquisition of Interlube Systems Ltd., which makes and markets automated lubrication delivery systems and related components to end market sectors including commercial vehicles, construction, mining, and heavy and general industries.
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With 2012 sales of approximately $13 million and 90 employees, Interlube is based in Plymouth, U.K., has an operation in Dayton, Ohio, and a joint venture in Zhuhai, China. The purchase also includes MSP Distributors Ltd., based in Cheltenham, U.K., and acquired by Interlube in 2007, which designs, installs and repairs lubrication systems.
"We're pleased to have Interlube join the Timken team," said Michael J. Connors, vice president of distribution for Timken, in making the announcement. "The management team brings a wealth of experience and established customer relationships, and their automated lubrication delivery systems certainly complement the Timken portfolio of power transmission products."
As part of its growth strategy, Timken has been steadily adding to its product portfolio and sees Interlube as highly compatible to its core bearing product lines and recent power transmission acquisitions. Over the past two years, Timken has added a number of new products and services, including roller drive chain, gearbox repair and motor rewind services.
Interlube focuses on critical applications where an automated lubrication system can help extend up-time and reduce maintenance costs for end users, a key strength of Timken as well. Interlube also brings Timken access to new channels that serve key end user markets.
"Their expertise and quality product line, coupled with our global reach and market access, will allow us to grow market share for Interlube products," Connors added, "as well as expose new market space for existing Timken applications."
About Interlube Systems Ltd.
Interlube Systems Ltd., (www.Interlubesystems.co.uk) is recognized for its quality, reliable service and workmanship in designing, manufacturing and installing lubrication delivery systems and components as well as installation services. Based in Plymouth, U.K., Interlube provides lubrication delivery solutions to commercial vehicle, mining, construction, manufacturing and other heavy industrial customers.
About The Timken Company
The Timken Company (NYSE: TKR; www.timken.com), a global industrial technology leader, applies its deep knowledge of materials, friction management and power transmission to improve the reliability and efficiency of machinery and equipment all around the world. The company engineers, manufactures and markets mechanical components and high-performance steel. Timken® bearings, engineered steel bars and tubes—as well as transmissions, gearboxes, chain, related products and services—support diversified markets worldwide. With sales of $5.0 billion in 2012 and approximately 20,000 people operating from 30 countries, Timken makes the world more productive and keeps industry in motion.
| Media Contact: Dan Minnich |
Investor Contact: Steve Tschiegg |
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| 1835 Dueber Avenue, S.W. |
1835 Dueber Avenue, S.W. |
| Canton, OH 44706-0927 U.S.A. |
Canton, OH 44706-0927 U.S.A. |
| Telephone: (330)471-7760 |
Telephone: (330)471-7446 |
SOURCE The Timken Company
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