Timken Adds Oil and Gas Drilling, Extraction Products to Growing Steel Energy Portfolio
Posted on: Friday, 22 February 2008, 09:00 CST
The Timken Company (NYSE: TKR) today announced the addition of leading steel products for oil and gas drilling operations, further extending its strong position in the growing market for high-performance energy products. Timken completed its acquisition of the assets of Boring Specialties Inc., a leading provider of a wide range of precision deep-hole oil and gas drilling and extraction products and services.
Timken will operate the business as Timken Boring Specialties, LLC, from its current location in Houston, Texas. Timken will continue to invest in its ability to meet the needs of customers in the global energy market with hole-making, hole-finishing and related machining services.
"We are continuing to make strategic investments in our steel capabilities to bring more value to customers in targeted markets, contributing to Timken's profitable growth," said Salvatore J. Miraglia, president of Timken's Steel Group. "The addition of Timken Boring Specialties to our portfolio is the latest in a series of investments to extend our differentiation in the marketplace."
In 2007, Timken added new induction heat-treat capabilities and expanded the outer diameter of round steel bars and the length of steel tubing it offers to customers in global energy and other markets. The company is also building a new small-bar mill in Canton, Ohio, that will allow it to create high-quality alloy steel bars down to one-inch in diameter.
The latest addition to Timken's steel portfolio, Timken Boring Specialties creates a unique, simplified and cost-effective supply chain by providing a single-point material and machining source for original equipment manufacturers and distributors. Customers will benefit from the combination of high-quality steel and value-added machining expertise for drilling, skiving, trepanning and honing operations.
About The Timken Company
The Timken Company (NYSE: TKR, http://www.timken.com) keeps the world turning, with innovative friction management and power transmission products and services, enabling our customers to perform faster and more efficiently. With sales of $5.2 billion in 2007, operations in 26 countries and approximately 25,000 employees, Timken is Where You Turn™ for better performance.
Source: Business Wire
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