The Timken company keeps the world running, and its innovative friction management and power transmission products and services are the key to enabling efficient and reliable operation of continuously working machinery and equipment. With a global sales of US$4.1 billion in 2010, Timken has operating agencies in 29 countries and approximately 20,000 employees, which is your best choice for improving work performance (Where You Turn®).
- Service Leaders in Gear Drives, Components and Engineering for Energy, Infrastructure, Industrial and Marine Applications - Significant Expansion of Timken's Strength in the Global Industrial Services Market - Expected to Add Timken's 2012 Revenue; 2014 Capital Cost Surpassed, Canton, Ohio, USA, May 27, 2011 /PRNewswire-Asia/--The Timken Company (NYSE:TKR) today announced that an agreement will be reached Acquired the assets of Philadelphia Gear Corp. for 200 million U.S. dollars. Philadelphia Gear Manufacturing Corporation is a leading provider of high-performance gear transmissions and components, focusing primarily on the aftermarket value-added service capabilities of the industrial and marine industries.
Philadelphia Gear Manufacturing Corp. is headquartered in King of Prussia, Pennsylvania and has sales of approximately $85 million for the 12 months to March 2011. This acquisition will bring about proprietary power transmission knowledge for high-speed development industries such as energy and infrastructure, covering high-quality gear transmissions, spare parts and services. The company also provides products and services for maritime applications and recently received an $80 million contract to provide the US Navy with a primary reduction gear.
The Philadelphia Gear Manufacturing Corporation's participation in Timken's Processing Equipment Industry Division will significantly expand both parties' ability to provide industrial services to their customers. This acquisition advances Timken’s strategy to provide comprehensive services and solutions to increase the application performance and productivity of end-user critical mechanical equipment.
Chris Coughlin, President of Timken's Processing Equipment Industry Division, said: “Philadelphia gear manufacturing companies are very much in line with Timken. Like Timken, the company is a leader in industrial services and specializes in mechanical transmission equipment. 's solutions and spare parts. It will accurately consolidate our business in the target area and will have a promising future in achieving profitable growth by expanding our global customer base."
Timken plans to integrate Philadelphia Gear Manufacturing Company, which employs approximately 220 employees, into the company's industrial services business to take full advantage of both companies' best capabilities in the global market. Coughlin noted that Timken plans to expand its business with the existing management team. He said: "The synergies of this acquisition are for growth."
The Timken Company expects that the Philadelphia Gear Manufacturing Company will increase its revenue for the first full year after its entry, and that its revenue creation will exceed the cost of capital by 2014. Timken plans to go through its subsidiary Timken Gears & Services Inc. Completion of the acquisition before the third quarter of 2011 has yet to be approved by the relevant government departments and regulatory authorities.
About Philadelphia Gear Corporation Philadelphia Gear Corp. was founded in 1892 when it served the steel and coal industries. Since 1920, the company has been owned by the Ball family. The company has now developed into a global high-end manufacturer and service provider of gear transmissions, transmission components, inspection and maintenance services, and on-site technical services.
Certain non-historical factual statements in this press release (including statements regarding Timken's expectations) are "forward-looking statements" as defined by the United States "Private Securities Litigation Reform Act of 1995". Specifically, statements regarding revenue growth, excess of capital costs, growth and strength development, and expectations of completion of the transaction are forward-looking statements. Timken cautions that due to a variety of important factors, actual results may differ materially from those anticipated or implied by forward-looking statements. These factors include: failure to meet any of the conditions for completion of the transaction (including failure to obtain regulatory approvals). ), or any event, change, or other situation that may lead to the termination of the acquisition agreement, resulting in the failure to complete the acquisition; may not be successful in integrating the Philadelphia Gear Manufacturing Company business into the company's operations or failing to achieve the anticipated M&A Synergies; and possible adverse changes in the markets served by Philadelphia Gear Manufacturing Corporation. These factors and more are described in more detail on page 44 of the Timken Company's Annual Report on Form 10-K for the year ended December 31, 2010. Timken does not assume responsibility for updating or amending any forward-looking statement.
- Service Leaders in Gear Drives, Components and Engineering for Energy, Infrastructure, Industrial and Marine Applications - Significant Expansion of Timken's Strength in the Global Industrial Services Market - Expected to Add Timken's 2012 Revenue; 2014 Capital Cost Surpassed, Canton, Ohio, USA, May 27, 2011 /PRNewswire-Asia/--The Timken Company (NYSE:TKR) today announced that an agreement will be reached Acquired the assets of Philadelphia Gear Corp. for 200 million U.S. dollars. Philadelphia Gear Manufacturing Corporation is a leading provider of high-performance gear transmissions and components, focusing primarily on the aftermarket value-added service capabilities of the industrial and marine industries.
Philadelphia Gear Manufacturing Corp. is headquartered in King of Prussia, Pennsylvania and has sales of approximately $85 million for the 12 months to March 2011. This acquisition will bring about proprietary power transmission knowledge for high-speed development industries such as energy and infrastructure, covering high-quality gear transmissions, spare parts and services. The company also provides products and services for maritime applications and recently received an $80 million contract to provide the US Navy with a primary reduction gear.
The Philadelphia Gear Manufacturing Corporation's participation in Timken's Processing Equipment Industry Division will significantly expand both parties' ability to provide industrial services to their customers. This acquisition advances Timken’s strategy to provide comprehensive services and solutions to increase the application performance and productivity of end-user critical mechanical equipment.
Chris Coughlin, President of Timken's Processing Equipment Industry Division, said: “Philadelphia gear manufacturing companies are very much in line with Timken. Like Timken, the company is a leader in industrial services and specializes in mechanical transmission equipment. 's solutions and spare parts. It will accurately consolidate our business in the target area and will have a promising future in achieving profitable growth by expanding our global customer base."
Timken plans to integrate Philadelphia Gear Manufacturing Company, which employs approximately 220 employees, into the company's industrial services business to take full advantage of both companies' best capabilities in the global market. Coughlin noted that Timken plans to expand its business with the existing management team. He said: "The synergies of this acquisition are for growth."
The Timken Company expects that the Philadelphia Gear Manufacturing Company will increase its revenue for the first full year after its entry, and that its revenue creation will exceed the cost of capital by 2014. Timken plans to go through its subsidiary Timken Gears & Services Inc. Completion of the acquisition before the third quarter of 2011 has yet to be approved by the relevant government departments and regulatory authorities.
About Philadelphia Gear Corporation Philadelphia Gear Corp. was founded in 1892 when it served the steel and coal industries. Since 1920, the company has been owned by the Ball family. The company has now developed into a global high-end manufacturer and service provider of gear transmissions, transmission components, inspection and maintenance services, and on-site technical services.
Certain non-historical factual statements in this press release (including statements regarding Timken's expectations) are "forward-looking statements" as defined by the United States "Private Securities Litigation Reform Act of 1995". Specifically, statements regarding revenue growth, excess of capital costs, growth and strength development, and expectations of completion of the transaction are forward-looking statements. Timken cautions that due to a variety of important factors, actual results may differ materially from those anticipated or implied by forward-looking statements. These factors include: failure to meet any of the conditions for completion of the transaction (including failure to obtain regulatory approvals). ), or any event, change, or other situation that may lead to the termination of the acquisition agreement, resulting in the failure to complete the acquisition; may not be successful in integrating the Philadelphia Gear Manufacturing Company business into the company's operations or failing to achieve the anticipated M&A Synergies; and possible adverse changes in the markets served by Philadelphia Gear Manufacturing Corporation. These factors and more are described in more detail on page 44 of the Timken Company's Annual Report on Form 10-K for the year ended December 31, 2010. Timken does not assume responsibility for updating or amending any forward-looking statement.
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