The Timken Company (NYSE: TKR), Canton, OH, has agreed to acquire Philadelphia Gear Corp., a manufacturer of high-performance gear drives and components with a focus on aftermarket capabilities in the industrial and military marine sectors, for $200 million.
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Based in King of Prussia, PA, Philadelphia Gear had trailing 12-month sales through March 2011 of $85 million.
The acquisition brings proprietary power-transmission knowledge of gear drives, replacement products and services for growing markets including energy and infrastructure. The business also is a provider of products and services for military marine applications, including a recently awarded $80 million contract to provide main reduction gears for the U. S. Navy.
The addition of Philadelphia Gear to Timken's Process Industries segment significantly expands the industrial services capabilities for both companies, according to a news release.
Timken plans to combine Philadelphia Gear, which employs 220, with its Industrial Services business.
The Timken Company had sales of $4.1 billion in 2010.
