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The Timken Co. (NYSE: TKR), Canton, OH, said it will acquire Cone Drive, a maker of precision drives used in markets such as solar, automation, aerial platforms and food and beverage.
Cone Drive sales are are expected to be slightly above $100 million for the full year 2018, Timken said.
The acquisition will deepen Timken's position in high-growth end markets such as solar and increase its power transmission presence in China, the company also said. Cone Drive is based in Traverse City, MI, with manufacturing operations in both the United States and China.