The Timken Company, Canton, OH, has agreed to acquire Boring Specialties Inc., a provider of precision deep-hole oil and gas drilling and extraction products and services. Based in Houston, TX, BSI had 2006 sales of $48 million.
The acquisition will extend Timken's presence in the growing energy market by adding BSI's products to its range of alloy steel products for oil and gas customers.
BSI primarily serves the oil and gas industry, with products used in the manufacture of down-hole drilling and completion components. Timken steel is used in a number of BSI's products.
Timken supplies friction management and power transmission products and services. Timken had sales of $5 billion in 2006, operations in 26 countries and 25,000 employees.