CANTON, Ohio (AP) — Timken Co., which makes engineered bearings and steel products, said Tuesday it plans to acquire the assets of Boring Specialties Inc., which had sales of about $48 million in 2006.
Financial terms of the acquisition were not disclosed.
Based in Houston, Boring provides a range of precision deep-hole oil and gas drilling and extraction products and services. The company employs about 190 people.
Timken said it plans to add Boring's products to its alloy steel product offerings for oil and gas customers, thereby expanding its presence in the energy market.
Timken expects the deal to close in the first quarter of 2008, pending customary closing conditions. The company also expects the acquisition to add to earnings during the first year of ownership.
Timken has operations in 26 countries and employs about 25,000 people.
