NORTH CANTON, Ohio, Nov. 18, 2014 /PRNewswire/ -- The Timken Company (NYSE: TKR; www.timken.com) today announced it has reached agreement with ERIKS NV to acquire the assets of Revolvo Ltd., a specialty bearing company based in Dudley, U.K. Revolvo makes and markets ball and roller bearings for industrial applications in process and heavy industries. The company's split roller bearing housed units are widely used by mining, power generation, food and beverage, pulp and paper, metals, cement, marine and waste-water end users. In 2013, Revolvo posted sales of approximately $8.3 million.
Timken has been steadily adding to its product portfolio as part of its growth strategy and over the past three years has acquired a number of new products and services including roller and engineered chain, lubrication systems, and gearbox, generator and motor repair services. The company sees Revolvo as both highly complementary and integral to filling out the Timken bearing product lines.
"We're pleased to have Revolvo become part of Timken," said Hans Landin, product line executive, power transmission and engineering systems for Timken. "The Revolvo team brings a wealth of experience and well-established customer relationships, and their split roller bearing housed unit line will strengthen the Timken portfolio of bearing and power transmission products.
"These split bearing housed units bring additional breadth to our industrial product solutions while addressing specific customer needs," Landin added. "Revolvo's expertise and quality product line, coupled with Timken's global reach and market access, will allow us to leverage resources to improve competitiveness and accelerate the growth of housed unit products, particularly in Europe and Asia."
Revolvo's line of split-to-the-shaft roller bearing housed units enables the bearing to be fitted without requiring access to the shaft ends. Instead, it can be built around the shaft, which reduces downtime because no other drive components must be removed during installation or for maintenance. The product design accommodates misalignment, helps extend up-time, reduces maintenance costs and increases plant efficiency for end users.
The acquisition, expected to close within the next few weeks, is subject to certain customary closing conditions, including employee consultation. Terms were not disclosed.
About Revolvo Ltd.
Revolvo Ltd. (www.Revolvo.com), a leading global specialist of split roller housed unit bearing supplier, manufactures solid and SRB split roller bearings in sizes from 15mm bore to over 1500mm outside diameter. Recognized for its quality, technical expertise, design and production capacity to deliver special custom designed RPP precision products and obsolete size of inch and metric solid and roller bearings. Based in Dudley, U.K., Revolvo provides solutions for mining, food and beverage, pulp and paper, metals, cement, marine and waste water industries.
About The Timken Company
The Timken Company (NYSE: TKR; www.timken.com) designs, engineers, manufactures and markets Timken® bearings, transmissions, gearboxes, chain and related products, and offers a spectrum of power system rebuild and repair services around the world. The leading authority on tapered roller bearings, Timken today applies its deep knowledge of metallurgy, tribology and power transmission across the broad spectrum of bearings and related systems to improve the reliability and efficiency of machinery and equipment all around the world. Known for its quality products and collaborative technical sales model, Timken posted $3 billion in sales in 2013 (excluding Steel business sales). With approximately 17,000 people operating from 28 countries, Timken makes the world more productive and keeps industry in motion.
Certain statements in this release (including statements regarding the company's estimates 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 regarding the company's expectations for growth in Europe and Asia and the timing of the closing of the acquisition 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 our ability to successfully close the transaction and integrate the business into our operations. 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, 2013, 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.
SOURCE The Timken Company