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The Timken Co. (NYSE: TKR), North Canton, OH, has acquired The Diamond Chain Company, Indianapolis, Indiana, from Amsted Industries. Terms of the transaction were not disclosed.
Diamond Chain is a leading supplier of high-performance roller chains for industrial markets with manufacturing operations in the United States and China. The company serves a range of sectors, including industrial distribution, material handling, food and beverage, agriculture, construction and other process industries. For the 12 months ended March 31, 2019, Diamond Chain reported sales of over $60 million.
"The acquisition of The Diamond Chain Company adds another strong industrial brand with a reputation for quality, reliability and performance to Timken's growing power transmission portfolio," said Richard G. Kyle, Timken president and CEO. "Diamond Chain is a premier brand in the North American distribution channel and is an excellent strategic fit with our Drives chain business. The acquisition expands our leadership in roller chain, builds on our strong position in distribution and adds depth to our manufacturing capabilities in Asia. We expect to drive significant synergies with the combination of Diamond Chain and Drives."
With this acquisition, Timken's power transmission portfolio now accounts for approximately one-third of company revenues.