The Timken Co. will buy Drives LLC for $92 million, improving its range of offerings in the market of general industrial goods. Fulton, Ill.-based Drives manufactures engineered drive chains, roller chains, and conveyor augers for agricultural and industrial customers.
The deal will be complete later this month. It follows recent acquisitions by Timken in the market for basic industrial goods, including Philadelphia Gear Corp. and QM Bearings, and continues an effort by the group to expand its holdings in the mechanical power transmission sector. Timken Process Industries president Christopher Coughlin described Drives LLC as a company offering “adjacent technology” that complements the Timken product lineup.
"The Drives business brings significant expertise in precision-engineered chain and related products, especially among global equipment manufacturers in agricultural and food processing," Coughlin stated. "Adding Drives will enhance our overall product portfolio for the industrial process and mobile markets and offers plenty of upside as we extend their line in the marketplace using Timken's global infrastructure."
Coughlin said Drives’ engineered products play an important role in mobile and industrial machinery for oil-and-gas, aggregate, mining, and primary metals, among other industries. Timken also said Drives’ products for the food-and-beverage and packaged goods markets will be important to its, which require high-end, specialty products such as stainless steel and corrosion-resistant roller chains.
Drives LLC booked approximately $100 million over the past 12 months. Its primary products are ANSI precision roller chain, pintle chain, agricultural conveyor chain, engineering class chain, oilfield roller chain, and auger products. It has 430 employees in North America.
