Timken Completes Acquisition of Spinea

Rhea-AI Summary

The Timken Company (NYSE: TKR) has successfully completed its acquisition of Spinea, a Slovakian manufacturer of cycloidal reduction gears and actuators, enhancing Timken's automation product line. Spinea, with projected sales of approximately $40 million in 2022, supports Timken's strategy to expand in high-precision automation markets. This acquisition follows Timken's recent purchases of Rollon and Cone Drive, reinforcing its commitment to innovation in robotics and automation.

Positive

• Acquisition of Spinea enhances Timken's automation product offerings and market position.
• Spinea's expected sales of $40 million in 2022 will contribute positively to Timken's revenue.
• The acquisition aligns with Timken's strategy to diversify into high-precision automation markets.

Negative

• Integration challenges may arise from merging Spinea's operations with Timken's existing framework.
• Potential risks from global conflicts could negatively impact Spinea's performance.

NORTH CANTON, Ohio, May 31, 2022 /PRNewswire/ -- The Timken Company (NYSE: TKR; www.timken.com), a global industrial leader in engineered bearings and power transmission products, has completed its previously announced acquisition of Spinea, s.r.o. (Spinea), a European technology leader and manufacturer of highly engineered cycloidal reduction gears and actuators.

Privately owned and operated since its founding in 1994, Spinea is located in Presov, Slovakia. The company's solutions primarily serve high-precision automation and robotics applications in the factory automation sector. Spinea sales are expected to be around $40 million for the full year 2022.  

In recent years, Timken has diversified its portfolio by expanding its power transmission products and services. This includes the acquisitions of both Rollon and Cone Drive, which deliver next-generation technologies for robotics and automation applications. Spinea complements Cone Drive's precision gearing business and further advances the company's product offering and commitment to customer-centric innovation. Spinea will further scale Timken's position in automation, which was the company's second-largest market after renewable energy in 2021.

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 $4.1 billion in sales in 2021 and employs more than 18,000 people globally, operating from 42 countries. Timken is recognized among America's Most Responsible Companies by Newsweek, the World's Most Ethical Companies® by Ethisphere, and America's Best Employers, Best Employers for New Graduates and Best Employers for Women by Forbes.  

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 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, 2021, 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.shroeder@timken.com

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

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SOURCE The Timken Company

FAQ

What is the significance of Timken's acquisition of Spinea?

Timken's acquisition of Spinea enhances its automation product offerings and strengthens its market position in high-precision applications.

How much is Spinea projected to generate in sales for 2022?

Spinea is expected to generate approximately $40 million in sales for the full year 2022.

What other companies has Timken acquired recently?

Timken has also recently acquired Rollon and Cone Drive, which focus on next-generation robotics and automation technologies.

What are the potential risks associated with the Spinea acquisition?

Potential risks include integration challenges and negative impacts due to global conflicts affecting Spinea's operations.