Timken to Acquire Spinea
The Timken Company, a global industrial leader in engineered bearings and power transmission products, has reached an agreement to acquire Spinea, s.r.o. (Spinea), a European technology leader and manufacturer of highly engineered cycloidal reduction gears and actuators. Spinea’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.
“Spinea’s well-established position in highly demanding robotics applications will increase our presence in the growing automation space,” said Richard G. Kyle, Timken president and chief executive officer. “Spinea brings an exciting new product line with differentiated technology and state-of-the-art manufacturing to Timken. We plan to leverage our global capabilities to scale the business and introduce Spinea’s next-generation solutions to customers around the world.”
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.
Privately owned and operated since its founding in 1994, Spinea is located in Presov, Slovakia. The transaction, which is subject to customary closing conditions, is expected to close over the next several weeks and will be funded with cash on hand and borrowings from credit facilities.
Contact: Investor Relations Neil Frohnapple 234.262.2310 email@example.com