"We are executing our strategy to profitably grow Timken's power transmission offering across diverse markets around the world," said Richard G. Kyle, Timken president and chief executive officer. "The acquisition of Cone Drive will deepen Timken's position in attractive, high-growth end markets such as solar and increase our power transmission presence in China."

Headquartered in Traverse City, Mich., Cone Drive employs approximately 500 people and makes a variety of drive products, including high-torque worm gears, harmonic solutions and precision slew drives.

“Cone Drive is highly complementary to our business, and we plan to generate significant sales and cost synergies with this transaction," said Kyle. 

Timken said Cone Drive’s sales are forecast to be slightly more than US$100 million in 2018.