Timken Company, a global industry leader in engineered bearings and power transmission products, has reached an agreement to acquire Spinea, sro (Spinea), a European technology leader and manufacturer of highly engineered cycloidal gearboxes and actuators. Spinea's solutions mainly serve high-precision automation and robotics applications in the industrial automation sector. Spinea's sales are expected to be around US$40 million for the year 2022.
“Spinoa’s established position in highly demanding robotic applications will enhance our presence in the growing automation space,” said Richard G. Kyle, president and CEO of Timken. “Spinea brings to Timken an exciting new line of products with differentiated technology and cutting-edge manufacturing. We plan to leverage our global capabilities to expand the business and introduce Spinea’s next-generation solutions to customers around the world.”
In recent years, Timken has diversified its portfolio by expanding its power transmission products and services. This includes the acquisitions of Rollon and Cone Drive, which provide next-generation technologies for robotics and automation applications. Spinea complements Cone Drive's precision gear business and further enhances the company's product offerings and commitment to customer-focused innovation. Spinea will further boost Timken's position in automation, which in 2021 was the company's second-largest market after renewable energy.
Privately owned and operated since its founding in 1994, Spinea is located in Presov, Slovakia. The transaction, subject to customary closing conditions, is expected to close in the coming weeks and will be financed with cash and borrowings from lines of credit.
