CANTON, Ohio — Nov. 3, 2008 — The Timken Company (NYSE: TKR) today announced it has acquired the assets of EXTEX Ltd., a leading designer and marketer of high-quality replacement engine parts for the aerospace aftermarket. The acquisition will add most of EXTEX’s nearly 600 Federal Aviation Administration (FAA) parts manufacturer approval (PMA) components to Timken’s existing portfolio of more than 1,400 PMAs. This expanded PMA base further positions Timken to offer comprehensive fleet-support programs, including asset management that maximizes uptime for aircraft operators.
Based in Gilbert, Ariz., EXTEX had sales of approximately $15.4 million in 2007. The company was founded in 1995 to address the growing need for high-quality replacement engine parts, including compressor and turbine blades and vanes, shrouds, nozzles and gears. Throughout its 13 years of business, EXTEX had expanded its portfolio of PMA designs to serve three families of engines, including Rolls-Royce 250, Pratt & Whitney Canada PT6 and Honeywell auxiliary power units.
"The combination of EXTEX’s knowledge and engineering expertise with Timken’s manufacturing capabilities make it a great addition to Timken's growing aerospace aftermarket solutions business," said J. Ron Menning, president - aerospace and defense. "As we accelerate our growth in this strategic market sector, we will continue to extend our capabilities to meet the needs of our expanding aerospace customer base.”
Terms of the acquisition were not disclosed.
In the last four years, Timken has made several investments that have enabled the company to expand its presence and capabilities to serve the total lifecycle of overhaul and replacement part needs for the aviation industry.
About The Timken Company
The Timken Company (NYSE: TKR, 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 27 countries and approximately 25,000 employees, Timken is Where You Turn™ for better performance.
Certain statements in this news release (including statements regarding the company's expectations) that are not historical in nature are "forward-looking" statements within the meaning of the Private Securities Litigation Reform Act of 1995. In particular, the statements related to expectations regarding the extension of capabilities are forward-looking. The company cautions that actual results may differ materially from those projected or implied in forward-looking statements due to a variety of important factors, including: the risks associated with the integration of the acquired business; and adverse changes in the market sectors served by EXTEX. These and additional factors are described in greater detail in the company's Annual Report on Form 10-K for the year ended Dec. 31, 2007, page 40 and in the company’s Form 10-Q for the quarter ended June 30, 2008. The company undertakes no obligation to update or revise any forward-looking statement.
Source: The Timken Company
Media Contact: Jeff Dafler
Manager - Global Media & Government Relations
Telephone: 330-471-3514
Facsimile: 330-471-7032
Investor Contact: Steve Tschiegg
Director - Capital Markets & Investor Relations
Telephone: 330-471-7446
Facsimile: 330-471-2797
steve.tschiegg@timken.com
For Additional Information:
www.timken.com/media