Timken Acquires Smith Services, Inc.; Further Expands Its Industrial Services Offering
Based in Princeton, W.Va., newest addition provides motor services in 7 states
CANTON, Ohio, April 12, 2013 /PRNewswire/ — The Timken Company (NYSE: TKR; www.timken.com) continues to expand its industrial services capabilities, announcing today that the company has acquired the assets of Smith Services, Inc., based in Princeton, W.Va.
In 2012, Smith Services reported sales of approximately $17 million. The 140 Smith Services employees provide electric motor repair and field technical services to end-users across seven states in the region, serving a wide variety of markets including power generation, petrochemical, paper, steel, nuclear and mining.
Carl Rapp, vice president of Timken Industrial Services, expects this new acquisition to bring the company additional motor repair services as well as a new regional service center location from which to grow its existing gearbox and bearing repair services. Last year, Timken acquired the assets of Wazee Companies, LLC, another regional repair leader headquartered in Denver, Colo.
“Our strategy for growth includes building additional industrial services capabilities, both geographically and through the addition of skill sets that are complementary to our gearbox and bearing competencies,” said Rapp. “Smith Services enjoys an excellent reputation in the region and brings to us an experienced management team, as well as strong technical skills in the field and on the shop floor. Its Princeton location is in the heart of a busy industrial territory and allows us to further expand our repair services into another important region of the country.” These new business activities become part of The Timken Company’s Process Industries segment.
About Smith Services, Inc.
Smith Services, Inc., based in Princeton, W.Va., is a regionally focused provider of electric motor rewind and repair. Originally founded in 1981 with nine employees, the company now operates from an 180,000 square foot facility and employs more than 140 people. The business repairs and rewinds electric motors in the 200 to 3,500 horsepower range and conducts on-site diagnostic assessments and repairs. Smith Services also performs other mechanical equipment repairs, primarily relating to pumps, fan and blowers.
About The Timken Company
The Timken Company (NYSE: TKR; www.timken.com), a global industrial technology leader, applies its deep knowledge of materials, friction management and power transmission to improve the reliability and efficiency of industrial machinery and equipment all around the world. The company engineers, manufactures and markets mechanical components and high-performance steel. Timken(®) bearings, engineered steel bars and tubes–as well as transmissions, gearboxes, chain, related products and services–support diversified markets worldwide. With sales of $5.0 billion in 2012 and approximately 20,000 people operating from 30 countries, Timken makes the world more productive and keeps industry in motion.
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SOURCE The Timken Company