logo
Plus   Neg
Share
Email

Timken Acquires Diamond Chain Co. From Amsted Industries - Quick Facts

Timken Co. (TKR) announced Monday that it acquired Diamond Chain Co. from Amsted Industries to expand its growing power transmission portfolio and its leadership in engineered industrial chain.

The acquisition expands Timken's leadership in roller chain, builds on its strong position in distribution and adds depth to its manufacturing capabilities in Asia. It expects to drive significant synergies with the combination of Diamond Chain and Drives.

With the acquisition of Diamond Chain, Timken's power transmission portfolio now accounts for roughly one-third of its revenues. Timken expects Diamond Chain results to be reported mostly through Timken's Process Industries business segment.

The acquisition was funded with cash on hand and through borrowings under existing credit facilities. Timken expects the acquisition to be accretive to adjusted earnings in 2019.

Diamond Chain is a leading supplier of high-performance roller chains for industrial markets. It serves a diverse range of sectors, including industrial distribution, material handling, food and beverage, agriculture, construction and other process industries. For the 12 months ended March 31, 2019, Diamond Chain posted sales of over $60 million.

Indianapolis, Indiana-based Diamond Chain has manufacturing operations in the United States and China.

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
SiriusXM launched a new subscription package exclusively for college students at a steep discount, just ahead of the fall semester. The satellite-radio giant introduced the "Student Premier" Package that provides students with all the content in SiriusXM's "Premier Streaming" package for $4 per month. This is a 69 percent discount from the regular price of $12.99 per month for Premier Streaming. Apple Inc. warned that its newly launched titanium Apple Card can be easily damaged if not stored properly. The company advised that the card must be kept away from fabrics like leather and denim as they can cause permanent discoloration. The tech giant has posted a support page that provides instructions to users on how to protect and maintain their Apple Card. Southwire Co. LLC recalled about 3000 units of Garvin pop-up electrical outlet floor box kits for concerns of fire hazard. The company said the electrical receptacles can overheat when in use. Southwire already received three reports of the floor boxes overheating. However, there have been no injuries reported so far.
Follow RTT