TORSION CONTROL PRODUCTS HAS BEEN ACQUIRED BY TIMKEN
Birmingham, Michigan – April 12, 2017 – Angle Advisors is pleased to announce that The Timken Company (“Timken”) has acquired Torsion Control Products, Inc. (“TCP” or the “Company”). Angle Advisors acted as the exclusive investment banking advisor to TCP in completing this transaction.
Based in Rochester Hills, Michigan, Torsion Control Products is a leading provider of highly engineered, proprietary spring couplings used in a variety of off-highway power transmission applications. The Company designs, engineers, and assembles powertrain components, including torsional couplings, torque limiter couplings, and torque converter clutches, that are customized to attenuate vibration from the engine to protect the drivetrain. TCP’s products are used in high-horsepower applications, such as equipment used for earth moving in the construction, agriculture and mining industries.
Tim Thane, one of the former owners of Torsion Control Products, commented, “Timken is the ideal partner for the next step of Torsion Control Products’ growth. We look forward to expanding our product offering, technical capabilities, and global footprint as we continue to provide our customers with a best-in-class service offering. We could not be more excited about this partnership and what it means to our employees.” He continued, “We would like to thank the team at Angle Advisors. They did an outstanding job of guiding first-time sellers through a complex process and finding us the very best possible partner. Their industry knowledge and relationships, along with their transaction expertise proved critical to making this a highly successful transaction.”
"The acquisition of Torsion Control Products further expands our existing couplings business with technically differentiated products," said Richard Kyle, Timken President and Chief Executive Officer, in Timken’s press release. "We are excited to expand our product offering, combining Torsion Control Products' torsional couplings with our line of Lovejoy® couplings to bring greater solutions to bearing and mechanical power transmission customers."
The Timken Company (NYSE:TKR) engineers, manufactures and markets bearings, gear drives, belts, chain and related products, and offers a spectrum of powertrain rebuild and repair services. The leading authority on tapered roller bearings, Timken today applies its deep knowledge of metallurgy, tribology and mechanical power transmission across a variety of bearings and related systems to improve reliability and efficiency of machinery and equipment all around the world. The company's growing product and services portfolio features many strong industrial brands including Timken®, Fafnir®, Philadelphia Gear®, Carlisle®, Drives® and Interlube (TM). Known for its quality products and collaborative technical sales model, Timken posted $2.7 billion in sales in 2016. With more than 14,000 employees operating from 28 countries, Timken makes the world more productive and keeps industry in motion. For more information, please visit www.timken.com.
Angle Advisors, with offices in the United States, Germany, the United Kingdom, and China, specializes in mergers and acquisitions and capital raising with a particular emphasis on the vehicular and industrial sectors. The firm’s professionals have completed 173 transactions since 2009 for multinational corporations, privately-held companies, private equity funds, and public sector clients. For additional information, please visit www.angleadvisors.com.
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