Timken Buys Philadelphia Gear For $200 Million
CANTON, Ohio (AP) — Timken Co. is buying Philadelphia Gear Corp. for $200 million in order to expand its offerings, the auto parts supplier said Friday.
Philadelphia Gear, based in King of Prussia, Pa., provides gear drives and components to the industrial and military sectors. Timken makes bearings, assemblies and alloy steels for auto producers and othermanufacturers.
Philadelphia Gear and its approximately 220 workers will join Timken's industrial services segment.
The acquisition is expected to add to Timken's earnings in the first full year.
The buyout, which will be completed by Timken Gears & Services Inc., is expected to close by the third quarter.
Shares of Timken, based in Canton, Ohio, added 74 cents to $50.85 in morning trading.