Timken Completes Acquisition of Spinea
Time：01 Jun,2022
<p style="text-align: center;"><img src="/ueditor/php/upload/image/20220601/1654066809100195.jpg" title="1654066809100195.jpg" alt="9.jpg"/></p><p style="text-align: justify;">The Timken Company (NYSE: TKR; www.timken.com), a global industrial leader in engineered <a href="https://www.its-bearing.com/products/catalogue.html" target="_blank" style="color: rgb(0, 112, 192); text-decoration: underline;"><span style="color: rgb(0, 112, 192);"><strong>bearings</strong></span></a> and power transmission products, has completed its previously announced acquisition of Spinea, s.r.o. (Spinea), a European technology leader and manufacturer of highly engineered cycloidal reduction gears and actuators.</p><p style="text-align: justify;"><br/></p><p style="text-align: justify;">Privately owned and operated since its founding in 1994, Spinea is located in Presov, Slovakia. The company'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. </p><p style="text-align: justify;"><br/></p><p style="text-align: justify;">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.</p><p style="text-align: justify;"><br/></p><p style="text-align: justify;">About The Timken Company <br/>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. </p><p><br/></p>
