Oct. 6, 2015, 8:39 AM
Sep. 1, 2015, 8:54 AM
- Timken (NYSE:TKR) has completed its previously announced transaction with American Industrial Partners to acquire the Carlstar Belts Business.
- The company expects the transaction to be accretive over the balance of 2015. For the 12 months ending June 30, 2015, Carlstar Belt sales were approximately $140M.
Nov. 18, 2014, 8:23 AM
Oct. 16, 2014, 3:17 PM
- Timken (TKR -0.2%), Regal Beloit (RBC +0.9%) and Altra Industrial Motion (AIMC +0.6%) have made it to the second round of bidding in the auction for Emerson Electric's (EMR +2%) power transmission solutions business, Reuters reports.
- P-E firms Warburg Pincus and Onex also are said to be in the running for the unit, which is expected to fetch $1.2B-$1.6B in a sale.
Sep. 5, 2013, 4:19 PM
- Timken (TKR) announces plans to separate its steel business from its bearings and power transmission business through a spinoff, creating two publicly traded companies
- The spinoff is expected to be completed within 12 months.
- Ward J. Timken, Jr. will serve as chairman and CEO of the new steel company with estimated annual revenue of approximately $1.7B.
- Richard G. Kyle will become president and CEO of the global bearings and power transmission business, with estimated annual revenue of approximately $3.4B.
- Shares +6.3% AH.
Apr. 12, 2013, 9:44 AM
Timken (TKR -0.7%) acquires electric motor repair outfit Smith Services for an undisclosed sum. Smith had sales of $17M last year. TKR says the purchase adds "additional industrial service capabilities." Meanwhile, Relational Investors and CalSTRS say a proposal to spinoff TKR's steel business poses no downside risks and is in fact not binding which is why, they say, shareholders should vote 'yes.'| Apr. 12, 2013, 9:44 AM
Oct. 3, 2011, 6:40 PM
Timken (TKR) completes its $92M acquisition of Drives LLC, a manufacturer of highly engineered drive-chains, roller-chains and conveyor augers for mobile and industrial machinery. Shares +5% AH.| Oct. 3, 2011, 6:40 PM | 1 Comment
Aug. 31, 2011, 10:54 AM
Timken (TKR +7.4%) acquires Drives LLC, a maker of highly engineered drive chains and augers, for $92m in cash, furthering its efforts to build up its power-transmission line of business.| Aug. 31, 2011, 10:54 AM
May 27, 2011, 12:39 PM