Timken Completes Acquisition of CGI, Inc.
The Timken Company (NYSE: TKR), a global leader in engineered bearings and industrial motion, has completed its acquisition of CGI, Inc. CGI manufactures precision drive systems for automation markets, with a focus on medical robotics. The acquired company has approximately 130 employees and is expected to generate around $45 million in sales in 2024.
Timken, founded 125 years ago, reported $4.8 billion in sales for 2023 and employs over 19,000 people across 45 countries. The company has received numerous accolades, including recognition as one of the World's Most Innovative Companies by Fast Company and among America's Most Responsible Companies by Newsweek.
The Timken Company (NYSE: TKR), un leader globale nei cuscinetti ingegnerizzati e nel movimento industriale, ha completato l'acquisizione di CGI, Inc. CGI produce sistemi di trasmissione di precisione per i mercati dell'automazione, con un focus sulla robotica medica. La società acquisita ha circa 130 dipendenti e si prevede genererà circa 45 milioni di dollari di vendite nel 2024.
Timken, fondata 125 anni fa, ha riportato 4,8 miliardi di dollari di vendite nel 2023 e impiega oltre 19.000 persone in 45 paesi. L'azienda ha ricevuto numerosi riconoscimenti, tra cui il riconoscimento come una delle aziende più innovative del mondo da parte di Fast Company e tra le aziende più responsabili d'America da Newsweek.
The Timken Company (NYSE: TKR), un líder global en rodamientos de ingeniería y movimiento industrial, ha completado su adquisición de CGI, Inc. CGI fabrica sistemas de transmisión de precisión para los mercados de automatización, con un enfoque en la robótica médica. La empresa adquirida tiene aproximadamente 130 empleados y se espera que genere alrededor de 45 millones de dólares en ventas en 2024.
Timken, fundada hace 125 años, reportó 4.8 mil millones de dólares en ventas para 2023 y emplea a más de 19,000 personas en 45 países. La compañía ha recibido numerosos reconocimientos, incluyendo el de ser una de las Empresas Más Innovadoras del Mundo por Fast Company y entre las Empresas Más Responsables de América según Newsweek.
팀켄 컴퍼니 (NYSE: TKR)는 엔지니어링 베어링 및 산업용 모션 분야의 글로벌 리더로, CGI, Inc.의 인수를 완료했습니다. CGI는 의료 로봇 공학에 중점을 두고 자동화 시장을 위한 정밀 구동 시스템을 제작합니다. 인수된 회사는 약 130명의 직원을 보유하고 있으며, 2024년에는 약 4500만 달러의 매출을 올릴 것으로 예상됩니다.
팀켄은 125년 전에 설립되어, 2023년에 48억 달러의 매출을 보고했습니다. 45개국에 19,000명 이상의 직원을 두고 있습니다. 이 회사는 Fast Company에서 세계에서 가장 혁신적인 기업 중 하나로, Newsweek에서 미국의 가장 책임 있는 기업으로 인정받는 등 여러 차례 수상한 경험이 있습니다.
La Timken Company (NYSE: TKR), un leader mondial dans les roulements à rouleaux et le mouvement industriel, a complété son acquisition de CGI, Inc. CGI fabrique des systèmes d'entraînement de précision pour les marchés de l'automatisation, avec un accent sur la robotique médicale. La société acquise compte environ 130 employés et devrait générer environ 45 millions de dollars de ventes en 2024.
Timken, fondée il y a 125 ans, a rapporté 4,8 milliards de dollars de ventes pour 2023 et emploie plus de 19 000 personnes dans 45 pays. L'entreprise a reçu de nombreuses distinctions, y compris celle d'être l'une des entreprises les plus innovantes au monde selon Fast Company et parmi les entreprises les plus responsables d'Amérique selon Newsweek.
Die Timken Company (NYSE: TKR), ein globaler Marktführer in der Entwicklung von Lagern und industrieller Bewegung, hat die Übernahme von CGI, Inc. abgeschlossen. CGI stellt Präzisionsantriebssysteme für Automatisierungsmarkte her, mit einem Schwerpunkt auf medizinischer Robotik. Das übernommene Unternehmen hat ungefähr 130 Mitarbeiter und wird voraussichtlich 2024 etwa 45 Millionen Dollar Umsatz generieren.
Timken, vor 125 Jahren gegründet, meldete 4,8 Milliarden Dollar Umsatz für 2023 und beschäftigt mehr als 19.000 Menschen in 45 Ländern. Das Unternehmen hat zahlreiche Auszeichnungen erhalten, darunter die Anerkennung als eines der innovativsten Unternehmen der Welt von Fast Company und als eines der verantwortungsvollsten Unternehmen Amerikas von Newsweek.
- Acquisition of CGI, Inc. expands Timken's presence in automation markets, particularly medical robotics
- CGI, Inc. expected to generate $45 million in sales in 2024, potentially boosting Timken's revenue
- Acquisition aligns with Timken's strategy of growing its portfolio of next-generation products
- Timken reported strong sales of $4.8 billion in 2023, indicating solid financial performance
- Integration challenges may arise from incorporating CGI, Inc. into Timken's operations
- Potential short-term financial impact due to acquisition costs
Insights
The acquisition of CGI, Inc. by Timken is a strategic move that could enhance Timken's position in the automation market, particularly in medical robotics. With CGI's expected
The deal aligns with Timken's focus on engineered bearings and industrial motion, potentially offering synergies in precision drive systems. While the immediate financial impact may be , the long-term value lies in expanding Timken's technological capabilities and market reach. Investors should watch for integration progress and any boost to Timken's automation segment in upcoming quarters.
Timken's acquisition of CGI, Inc. is a calculated entry into the growing medical robotics sector. This move could position Timken to capitalize on the increasing demand for automation in healthcare, a market projected to grow significantly in the coming years.
The addition of CGI's expertise in precision drive systems could give Timken a competitive edge in developing advanced motion control solutions for various industries. While the immediate revenue impact is modest, the strategic value lies in the potential for accelerated growth and innovation. Investors should monitor how Timken leverages this acquisition to expand its product portfolio and capture market share in high-growth automation segments.
CGI, Inc. manufactures precision drive systems serving a broad range of automation markets with a concentration in medical robotics. The business employs approximately 130 people and is expected to generate around
About The Timken Company
The Timken Company (NYSE: TKR; www.timken.com), a global technology leader in engineered bearings and industrial motion, designs a growing portfolio of next-generation products for diverse industries. For 125 years, Timken has used its specialized expertise to innovate and create customer-centric solutions that increase reliability and efficiency. The company posted
Safe Harbor
Certain statements in this release (including statements regarding the company's forecasts, estimates, plans and expectations) that are not historical in nature are "forward-looking" statements within the meaning of the Private Securities Litigation Reform Act of 1995. In particular, the statements related to expectations regarding the expected future financial performance of the newly acquired business are forward-looking. The company cautions that actual results may differ materially from those projected or implied in forward-looking statements due to a variety of important factors, including: the inability to complete the acquisition due to either the failure to satisfy any condition to the closing of the transaction, including receipt of regulatory approval, or the occurrence of any event, change or other circumstance that could give rise to the termination of the purchase agreement; the inability to successfully integrate the newly acquired business into the company's operations or achieve the expected synergies associated with the acquisition; negative impacts to the newly acquired business as a result of global conflicts and hostilities; and adverse changes in the markets served by the newly acquired business. Additional factors are discussed in the company's filings with the Securities and Exchange Commission, including the company's Annual Report on Form 10-K for the year ended Dec. 31, 2023, quarterly reports on Form 10-Q and current reports on Form 8-K. Except as required by the federal securities laws, the company undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.
Media Relations:
Scott Schroeder
234.262.6420
scott.schroeder@timken.com
Investor Relations:
Neil Frohnapple
234.262.2310
investors@timken.com
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SOURCE The Timken Company
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