Timken to Acquire Spinea, Expanding Its Robotics and Automation Offering in Attractive and Growing End Market Sectors

Description

“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.

Media

Video

Website

Downloads