Timken to Expand Aerospace Capabilities with Purdy Acquisition
09/18/2007 - Timken enters 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 Timken Co. 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 Timken’s growing range of power-transmission products and capabilities the company provides to the aerospace market. The company expects the acquisition 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.
"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 provides innovative friction management and power transmission products and services. Its approximately 25,000 employees in 26 countries generated sales of $5.0 billion in 2006.
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.
Founded in 1946, Purdy is based in Manchester, Conn., and employs more than 200 people. The company’s 2006 sales were approximately $87 million.
