North Canton, OH /PRNewswire/ - The Timken Company (NYSE: TKR; www.timken.com), a global industrial leader in engineered bearings and power transmission products, has reached an agreement to acquire Spinea, s.r.o. (Spinea), a European technology leader and manufacturer of highly engineered cycloidal reduction gears and actuators. Spinea's solutions primarily serve high-precision automation and robotics applications in the factory automation sector. Spinea sales are expected to be around $40 million for the full year 2022.
"Spinea's well-established position in highly demanding robotics applications will increase our presence in the growing automation space," said Richard G. Kyle, Timken president and chief executive officer. "Spinea brings an exciting new product line with differentiated technology and state-of-the-art manufacturing to Timken. We plan to leverage our global capabilities to scale the business and introduce Spinea's next-generation solutions to customers around the world."
In recent years, Timken has diversified its portfolio by expanding its power transmission products and services. This includes the acquisitions of both Rollon and Cone Drive, which deliver next-generation technologies for robotics and automation applications. Spinea complements Cone Drive's precision gearing business and further advances the company's product offering and commitment to customer-centric innovation. Spinea will further scale Timken's position in automation, which was the company's second-largest market after renewable energy in 2021.
Privately owned and operated since its founding in 1994, Spinea is located in Presov, Slovakia. The transaction, which is subject to customary closing conditions, is expected to close over the next several weeks and will be funded with cash on hand and borrowings from credit facilities.
About The Timken Company
The Timken Company (NYSE: TKR; www.timken.com) designs a growing portfolio of engineered bearings and power transmission products. With more than a century of knowledge and innovation, we continuously improve the reliability and efficiency of global machinery and equipment to move the world forward. Timken posted $4.1 billion in sales in 2021 and employs more than 18,000 people globally, operating from 42 countries. Timken is recognized among America's Most Responsible Companies by Newsweek, the World's Most Ethical Companies® by Ethisphere, and America's Best Employers, Best Employers for New Graduates and Best Employers for Women by Forbes.
Certain statements in this release (including statements regarding the company's forecasts, estimates, plans and expectations) that are not historical in nature are "forward-looking" statements within the meaning of the Private Securities Litigation Reform Act of 1995. In particular, the statements related to expectations regarding the expected future financial performance of the newly acquired business and the timing of the closing of this transaction are forward-looking. The company cautions that actual results may differ materially from those projected or implied in forward-looking statements due to a variety of important factors, including: the inability to successfully acquire and integrate the newly acquired business into the company's operations or achieve the expected synergies associated with the acquisition; negative impacts to the newly acquired business as a result of global conflicts and hostilities; and adverse changes in the markets served by the newly acquired business. Additional factors are discussed in the company's filings with the Securities and Exchange Commission, including the company's Annual Report on Form 10-K for the year ended Dec. 31, 2021, quarterly reports on Form 10-Q and current reports on Form 8-K. Except as required by the federal securities laws, the company undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.