Market Snapshot
  • U.S.
  • Europe
  • Asia
Ticker Volume Price Price Delta
DJIA 16,262.56 89.32 0.55%
S&P 500 1,842.98 12.37 0.68%
NASDAQ 4,034.16 11.47 0.29%
Ticker Volume Price Price Delta
STOXX 50 3,126.14 34.62 1.12%
FTSE 100 6,575.03 33.42 0.51%
DAX 9,268.50 94.79 1.03%
Ticker Volume Price Price Delta
NIKKEI 14,417.68 420.87 3.01%
TOPIX 1,166.55 30.46 2.68%
HANG SENG 22,696.01 24.75 0.11%

Timken Acquires Standard Machine, Expanding Its Industrial Services Offering in Canada


Timken Acquires Standard Machine, Expanding Its Industrial Services Offering in Canada

CANTON, Ohio, May 13, 2013 /CNW/ - The Timken Company (NYSE: TKR; www.timken.com) today announced the continued expansion of its industrial services capabilities with the acquisition of the Standard Machine business based in Saskatoon, Saskatchewan, Canada.

(Logo: http://photos.prnewswire.com/prnh/20100210/TIMKENLOGO )

Standard Machine provides new gearboxes, gearbox service and repair, open gearing, large fabrication, machining and field technical services to end?users in Canada and the western United States. The company, which employs 125 people, serves a wide variety of industrial sectors including mining, oil and gas, pulp and paper. In 2012, Standard Machine reported sales of approximately $31 million.

"The acquisition of Standard Machine further advances our strategy to expand our industrial services capabilities," said Carl D. Rapp, vice president of industrial services for Timken. "As a respected power transmission company in Canada, Standard Machine provides Timken with a great location and robust gear-making and machining skills, which differentiates them in key target market sectors."

Rapp added, "Standard Machine's location near energy and mineral resources, coupled with their strong technical team and service culture, provide an excellent platform to drive long-term growth in our business."

The addition of Standard Machine expands the company's gearbox and bearing repair services into Canada. Greg Porter, president and CEO of Standard Machine, will lead the business in Canada on behalf of the industrial services group within The Timken Company's Process Industries segment.

Earlier this year, Timken acquired the assets of Wazee Companies, LLC, headquartered in Denver, Colo., and Smith Services, Inc., based in Princeton, W.Va., as part of the company's plan to expand its industrial services capabilities.

About Standard Machine

Hamilton Gear Ltd. (dba Standard Machine) (www.standardmachine.ca), based in Saskatoon, Saskatchewan, Canada, serves end users in Canada and the western United States, offering gearbox service and repair, open gearing, large fabrication, machining and field technical services. Originally founded in 1967, the business now operates from a 110,000 square foot facility in Saskatoon and employs 125 people.

About The Timken Company

The Timken Company (NYSE: TKR; www.timken.com), a global industrial technology leader, applies its deep knowledge of materials, friction management and power transmission to improve the reliability and efficiency of industrial machinery and equipment all around the world. The company engineers, manufactures and markets mechanical components and high-performance steel. Timken(®) bearings, engineered steel bars and tubes—as well as transmissions, gearboxes, chain, related products and services—support diversified markets worldwide. With sales of $5.0 billion in 2012 and approximately 20,000 people operating from 30 countries, Timken makes the world more productive and keeps industry in motion.

________________________________________________________________________________________________________________________ _____________________________________________________________________________________ |Media Contact: Dan Minnich |Investor Contact: Steve Tschiegg | |___________________________________________________________________________________________________|___________________ ______________________________________________________________________________________| |Communications Manager |Director – Capital Markets & Investor Relations | |___________________________________________________________________________________________________|___________________ ______________________________________________________________________________________| |1835 Dueber Avenue, S.W. |1835 Dueber Avenue, S.W. | |___________________________________________________________________________________________________|___________________ ______________________________________________________________________________________| |Canton, OH 44706-0927 U.S.A. |Canton, OH 44706-0927 U.S.A. | |___________________________________________________________________________________________________|___________________ ______________________________________________________________________________________| |Telephone: (330)471-7760 |Telephone: (330)471-7446 | |___________________________________________________________________________________________________|___________________ ______________________________________________________________________________________| |dan.minnich@timken.com|steve.tschiegg@timken.com| |___________________________________________________________________________________________________|___________________ ______________________________________________________________________________________|

http://www.timken.com

http://photos.prnewswire.com/prnh/20100210/TIMKENLOGO

PRN Photo Desk, photodesk@prnewswire.com

SOURCE: The Timken Company

To view this news release in HTML formatting, please use the following URL: http://www.newswire.ca/en/releases/archive/May2013/13/c6224.html

CO: The Timken Company ST: Saskatchewan NI: MNG MAC MNA

-0- May/13/2013 14:31 GMT

Sponsored Links
Advertisement
Advertisements
Sponsored Links
Advertisement