Timken Co. adds Slovakian company specializing in parts for robotic machinery
JACKSON TWP. – Timken Co. said it will purchase Spinea, a Slovakian company that makes parts used in robotic equipment.
Terms of the deal weren't released. Timken said it hopes to close the purchase in the coming weeks, and will use cash on hand and borrow to cover the purchase.
It's expected that Spinea's sales will be about $40 million for 2022.
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Richard G. Kyle, president and chief executive officer, said Spinea is well-established in robotics, which will help Timken improve its position in a growing market.
"Spinea brings an exciting new product line with differentiated technology and state-of-the-art manufacturing to Timken," Kyle said in a press release announcing the deal. "We plan to leverage our global capabilities to scale the business and introduce Spinea's next-generation solutions to customers around the world."
Specifically, Spinea makes highly engineered cycloidal reduction gears and actuators. The company's products are used in high-precision automation and robotics equipment in the factory automation sector.
Timken has been adding companies such as Spinea in recent years to diversify and expand its power transmission products and services business. This includes the addition of Rollon and Cone Drive, businesses that deliver technology used in robotics and automation.
Spinea complements Cone Drive's precision gearing business and further advances the company's product offering and commitment to customer-centric innovation, Timken officials said in the press release. Spinea will further scale Timken's position in automation, which was the company's second-largest market after renewable energy in 2021.
Founded in 1994, Spinea is privately owned and operated. The company is based in Presov, Slovakia.
This article originally appeared on The Repository: Timken Co. adds Slovakian company Spinea specializing in robotic parts
