Timken Completes Acquisition of Spinea
The Timken Company (NYSE: TKR; www.timken.com), a global industrial leader in engineered bearings 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.
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.
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.
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.
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