LONDON, UK / ACCESSWIRE / July 26, 2018 / If you want access to our free research report on The Timken Co. (NYSE: TKR) ("Timken"), all you need to do is sign up now by clicking the following link www.active-investors.com/registration-sg/?symbol=TKR as the Company's latest news hit the wire. On July 24, 2018, the Company announced that it has inked a deal to acquire Michigan-based Cone Drive, which is a leader in precision drives used in diverse markets including solar, automation, aerial platforms, and food and beverage. The financial details of the transaction remained undisclosed. Register today and get access to over 1,000 Free Research Reports by joining our site below:
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Cone Drive's sales are expected to be slightly above $100 million for the full fiscal year 2018.
- Timken expects the acquisition to be accretive to earnings per share (EPS), excluding one-time costs in the first year of ownership.
- The transaction, which is likely to close near the end of August 2018, is subject to customary government and other regulatory approvals.
- The Company will fund the acquisition with debt.
The deal is consistent with the Company's strategy of diversifying its portfolio by expanding into power transmission products and services adjacent to its core bearing lines. This includes gear drives, chain, belts, couplings, automated lubrication systems, industrial clutches and brakes, and a variety of related services, all marketed under strong industrial brands that include Timken®, Philadelphia Gear®, Groeneveld®, Drives®, and Lovejoy®.
Acquisition will Deepen Timken's Power Transmission Presence in China
Commenting on the acquisition, Richard G. Kyle, President and Chief Executive Officer (CEO) of Timken, stated that the Company is executing its strategy to profitably grow Timken's power transmission offering across diverse markets around the world. Kyle added that the acquisition of Cone Drive will deepen Timken's position in attractive, high-growth end markets such as solar, and increase the Company's power transmission presence in China. Cone Drive is highly complementary to Timken's business, and the Company plans to generate significant sales and cost synergies with this transaction.
Timken's Last Acquisition Deal
On July 05, 2017, the Company's majority-owned subsidiary, Timken India Ltd, signed an agreement to acquire ABC Bearings Ltd, which is a manufacturer of tapered, cylindrical, and spherical roller bearings, and slewing rings in India. The transaction was structured as a merger of ABC Bearings Ltd into Timken India Ltd, whereby shareholders of ABC Bearings received shares of Timken India as consideration. The financial details of the deal were not disclosed. The transaction expanded Timken's capacity, its customer base, and locally-produced product breadth in India.
About Cone Drive
Cone Drive is a globally integrated business producing a broad range of highly customizable precision drive products that include Cone Drive® and H-Fang® branded high-torque worm gears, harmonic solutions, and precision slew drives. Established in 1925 and based in Traverse City, Michigan, Cone Drive has manufacturing operations in the United States and China. It has a global customer base and employs approximately 500 people.
About The Timken Co.
Based in Canton, Ohio, Timken engineers, manufactures, and markets bearings, gear drives, belts, chain, couplings, lubrication systems, and related products, and offers a spectrum of powertrain rebuild and repair services. With more than 15,000 employees operating from 33 countries, the Company's associates and products keep the industry in motion and make the world more productive.
Stock Performance Snapshot
July 25, 2018 - At Wednesday's closing bell, The Timken's stock slightly dropped 0.79%, ending the trading session at $44.00.
Volume traded for the day: 664.39 thousand shares.
Stock performance in the previous three-month period - up 0.34%
After yesterday's close, The Timken's market cap was at $3.40 billion.
Price to Earnings (P/E) ratio was at 12.36.
The stock has a dividend yield of 2.55%.
The stock is part of the Industrial Goods sector, categorized under the Machine Tools & Accessories industry. This sector was up 0.6% at the end of the session.
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