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.
© 2019 Gale Media, Inc.
Please do not reprint MDM's content on your website without MDM's express permission as it is copyrighted material. To gain permission, email us, or call 1-888-742-5060. For information on PDF or print reprints, visit www.mdm.com/reprints. MDM welcomes inbound links from your site. Please cite Modern Distribution Management.
The 2018 Top Distributors List
This free PDF includes lists of top distribution companies across 14 sectors.
You will also receive MDM Update, our daily distribution e-newsletter & other distribution-focused content.
Download the Free PDF now >>
MDM Update: Daily Newsletter
Sign up to read the best source for news & trends in wholesale distribution, MDM Update. Delivered daily to your inbox.
Sign-up for MDM Update >>