Timken to Expand Aerospace Capabilities With Acquisition of The Purdy Corp
Published September 17th, 2007
The Timken Company NYSE: TKR today announced that it has entered into an agreement to acquire the assets of The Purdy Corp., a leading precision manufacturer and systems integrator for military and commercial aviation customers, for $200 million. The acquisition will further expand the growing range of power-transmission products and capabilities Timken provides to the aerospace market and is expected to be accretive to earnings during the first year of ownership.
The Purdy Corp.’s expertise includes design, manufacturing, testing, overhaul and repair of transmissions, gears, rotor-head systems and other high-complexity components for helicopter and fixed-wing aircraft platforms. Founded in 1946, Purdy is based in Manchester, Conn., employs more than 200 people and had 2006 sales of approximately $87 million.
“The combination of Purdy’s technology, manufacturing expertise and strong customer base make it an excellent fit with Timken’s growing aerospace business,” said J. Ron Menning, president - aerospace and defense. “As we accelerate our growth in this strategic market, we plan to add capacity and capabilities to expand the range of power-transmission products and services we can offer to create value for Timken’s global customers.”
The transaction is subject to customary closing conditions, including expiration or termination of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended. Timken expects the transaction to close in the fourth quarter of 2007.
Timken offers a comprehensive line of aerospace quality bearings, along with a select range of turbine engine components and MRO services. Known for consistent performance and backed by stringent quality standards, Timken aerospace products are found in aircraft engines, gearboxes, helicopter transmissions, auxiliary power units, landing wheels, airframes and instrumentation. The Timken aerospace aftermarket solutions unit is a leading supplier of comprehensive capabilities that span technology, development, engineering, manufacturing, repair and fleet support for the aviation industry. Timken continues to expand its in-house manufacturing and repair capabilities, while increasing the scope of its aircraft platform support.
About The Timken Company
The Timken Company (NYSE: TKR, http://www.timken.com) keeps the world turning, with innovative friction management and power transmission products and services, enabling our customers to perform faster and more efficiently. With sales of $5.0 billion in 2006, operations in 26 countries and approximately 25,000 employees, Timken is Where You Turn(TM) for better performance.
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