NORTH CANTON, OHIO — The Timken Company (NYSE: TKR; www.timken.com) announced on Tuesday it has reached agreement with ERIKS NV to acquire the assets of Revolvo Ltd., a specialty bearing company based in Dudley, U.K. Revolvo makes and markets ball and roller bearings for industrial applications in process and heavy industries. The company's split roller bearing housed units are widely used by mining, power generation, food and beverage, pulp and paper, metals, cement, marine and waste-water end users. In 2013, Revolvo posted sales of approximately $8.3 million.
Timken has been steadily adding to its product portfolio as part of its growth strategy and over the past three years has acquired a number of new products and services including roller and engineered chain, lubrication systems, gearbox, generator, and motor repair services. The company sees Revolvo as both highly complementary and integral to filling out the Timken bearing product lines.
"We're pleased to have Revolvo become part of Timken," said Hans Landin, product line executive, power transmission and engineering systems for Timken. "The Revolvo team brings a wealth of experience and well-established customer relationships, and their split roller bearing housed unit line will strengthen the Timken portfolio of bearing and power transmission products.
"These split bearing housed units bring additional breadth to our industrial product solutions while addressing specific customer needs," Landin added. "Revolvo's expertise and quality product line, coupled with Timken's global reach and market access, will allow us to leverage resources to improve competitiveness and accelerate the growth of housed unit products, particularly inEurope and Asia."
Revolvo's line of split-to-the-shaft roller bearing housed units enables the bearing to be fitted without requiring access to the shaft ends. Instead, it can be built around the shaft, which reduces downtime because no other drive components must be removed during installation or for maintenance. The product design accommodates misalignment, helps extend up-time, reduces maintenance costs and increases plant efficiency for end users.
The acquisition, expected to close within the next few weeks, is subject to certain customary closing conditions, including employee consultation. Terms were not disclosed.
The Timken Company designs, engineers, manufactures and markets Timken bearings, transmissions, gearboxes, chain and related products, and offers a spectrum of power system rebuild and repair services around the world. Timken posted $3 billion in sales in 2013 (excluding Steel business sales).