Clyde Blowers Capital said July 24 that it agreed to sell Cone Drive to The Timken Co. Financial terms weren’t announced. Cone Drive, of Traverse City, Michigan, is a precision motion control expert.
Clyde Blowers Capital (CBC) is delighted to announce today an agreement has been reached to sell precision motion control expert, Cone Drive, to The Timken Company (NYSE: TKR), subject to customary government and regulatory approvals.
Since acquiring Cone Drive in 2012, CBC has repositioned Cone Drive from an industrial gearing company operating largely out of North America to a globally integrated business with operations on three continents serving a wide range of precision motion control technology markets.
The acquisition of H-Fang, based in Jiangyin, China, in 2014 represented a key milestone in the geographic expansion of the business and also provided Cone Drive access to the fast growing China solar and robotics markets.
CBC Partner, Dougie Hawkins, commented:
“The sale of Cone Drive to Timken represents the next chapter in the rapid development of the business and we would like to wish the teams at Cone Drive and Timken the very best of success for the future.
Over the past six years it’s been a pleasure working with Kurt Gamelin and the team at Cone Drive and we’re extremely proud of the progress the business has made under our stewardship.
We look forward to seeing Cone Drive continue to innovate and develop over the coming years.”
William Blair acted as exclusive financial advisor to CBC for the transaction, with McGuireWoods acting as lead lawyers for CBC.
About Cone Drive
Cone Drive is headquartered in Traverse City, Mich., and has manufacturing operations in the U.S. and China. The company has a global customer base and employs approximately 500 people. The business produces a broad range of highly customizable precision drive products that include Cone Drive® and H-Fang® branded high-torque worm gears, harmonic solutions and precision slew drives.
About The Timken Company
The Timken Company (NYSE: TKR; www.timken.com) engineers, manufactures and markets bearings, gear drives, belts, chain, couplings, lubrication systems 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 the 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®, Groeneveld®, Drives® and Lovejoy®. Known for its quality products and collaborative technical sales model, Timken posted $3 billion in sales in 2017. With more than 15,000 employees operating from 33 countries, Timken makes the world more productive and keeps industry in motion.