Timken Acquires Aurora Bearing Co.

Rhea-AI Summary

The Timken Company (NYSE: TKR) has acquired the assets of Aurora Bearing Company for an undisclosed amount. Aurora, which specializes in manufacturing rod ends and spherical plain bearings, anticipates sales of approximately $30 million for 2020. This acquisition aligns with Timken's strategy to enhance its leadership in engineered bearings and diversify its product offerings. Aurora, founded in 1971 and based in Montgomery, Illinois, employs around 220 people. The acquisition is expected to strengthen Timken's market position and product breadth.

Positive

• Acquisition of Aurora enhances Timken's product breadth in engineered bearings.
• Expected sales contribution of approximately $30 million from Aurora for 2020.

Negative

• None.

NORTH CANTON, Ohio, Dec. 1, 2020 /PRNewswire/ -- The Timken Company (NYSE: TKR), a world leader in engineered bearings and power transmission products, has acquired the assets of Aurora Bearing Company (Aurora). Aurora manufactures rod ends and spherical plain bearings, which serve a diverse range of industrial sectors, including aerospace and defense, racing, off-highway equipment and packaging. Its sales are expected to be around $30 million for the full year 2020.

"Aurora builds on our global leadership position in engineered bearings by increasing our product breadth, which will help us serve the bearing space more completely," said Christopher A. Coughlin, Timken executive vice president and group president. "The Aurora product line and market mix complements our portfolio very well."

Privately owned and operated since its founding in 1971, Aurora employs approximately 220 people, with its headquarters, manufacturing and research and development based in Montgomery, Ill.

This transaction advances Timken's strategy, which is focused on growing its leadership position in engineered bearings while diversifying the company's portfolio into adjacent products and markets.

Other terms of the transaction were not disclosed.

About The Timken Company

The Timken Company (NYSE: TKR; www.timken.com) designs a growing portfolio of engineered bearings and power transmission products. With more than a century of knowledge and innovation, we continuously improve the reliability and efficiency of global machinery and equipment to move the world forward. Timken posted $3.8 billion in sales in 2019 and employs more than 17,000 people globally, operating from 42 countries.

Media Relations:
Scott Schroeder
234.262.6420
scott.schroeder@timken.com

Investor Relations:
Neil Frohnapple
234.262.2310
neil.frohnapple@timken.com

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SOURCE The Timken Company

FAQ

What did Timken Company acquire?

Timken Company acquired the assets of Aurora Bearing Company.

What is the expected sales figure for Aurora in 2020?

Aurora's expected sales for 2020 are around $30 million.

How does the acquisition of Aurora benefit Timken?

The acquisition enhances Timken's product breadth and strengthens its market position in engineered bearings.

Where is Aurora Bearing Company located?

Aurora Bearing Company is headquartered in Montgomery, Illinois.

When was Aurora Bearing Company founded?

Aurora Bearing Company was founded in 1971.