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Timken buys Diamond Chain to expand portfolio

02 April, 2019

The bearings and power transmission manufacturer Timken has acquired The Diamond Chain Company from Amsted Industries for an undisclosed amount. US-headquartered Diamond Chain supplies high-performance roller chains for industrial markets. In the 12 months ended 31 March, 2019, Diamond Chain posted sales of more than $60m.

“The acquisition of The Diamond Chain Company adds another strong industrial brand with a reputation for quality, reliability and performance to Timken's growing power transmission portfolio,” says Timken’s president and chief executive officer, Richard G. Kyle. “Diamond Chain is a premier brand in the North American distribution channel and is an excellent strategic fit with our Drives chain business. The acquisition expands our leadership in roller chain, builds on our strong position in distribution, and adds depth to our manufacturing capabilities in Asia. We expect to drive significant synergies with the combination of Diamond Chain and Drives.”

Founded in 1890 and headquartered in Indianapolis, Indiana, Diamond Chain has manufacturing operations in the US and China, and a subsidiary in the UK. It employs around 370 people. The company’s founders adopted the diamond as its trademark because it symbolised strength and perfection. The company’s products were used in the Wright Brothers’ first flying machine and in Henry Ford’s first cars.

With the acquisition of Diamond Chain, Timken’s power transmission portfolio now accounts for roughly a third of its revenues. Timken says that Diamond Chain’s results will be reported mostly through its process industries business, and expects the acquisition to be accretive to adjusted earnings in 2019.

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