Timken (TKR) Announces Acquisition of EDT Corp.,

November 2, 2016 6:05 AM EDT

News and research before you hear about it on CNBC and others. Claim your 2-week free trial to StreetInsider Premium here.

The Timken Company (NYSE: TKR) announced that it has acquired EDT Corp., a manufacturer of polymer housed units and stainless steel ball bearings used widely by the food and beverage industry.

"We market a broad range of bearing housed units and are pleased to add the EDT line to our portfolio," said Chris Coughlin, group president for The Timken Company. "We see this acquisition as an excellent strategic fit, allowing Timken to simultaneously build on the inherent strengths of the EDT team and leverage our expanded marketplace offering, thereby increasing our presence in the food and beverage segment."

EDT Corp. is based in Vancouver, Wash., and serves a well-established customer base primarily through North American distributors with whom Timken has long-standing relationships. EDT® bearings are designed and manufactured to meet the highest level of food safety and sanitation requirements. The line includes a range of non-corrosive, greaseless, wash-down-resistant and extreme temperature bearings and accessories. In 2015, EDT Corp. revenue was less than $10 million.

Timken has an industry-leading portfolio of housed unit bearings consisting of Timken, Fafnir, Revolvo and now EDT-branded products serving general industrial and other diverse markets such as metals, mining, lumber and food and beverage. The company offers a variety of durable, high-performance housed unit bearing styles, including ball and spherical roller bearing, solid-block tapered and spherical roller bearing, and split spherical and cylindrical roller bearing designs, that withstand the harshest operating conditions.

Serious News for Serious Traders! Try StreetInsider.com Premium Free!

You May Also Be Interested In

Related Categories

Corporate News, Management Comments, Mergers and Acquisitions

Related Entities

Definitive Agreement

Add Your Comment