CANTON, Ohio, May 11 /PRNewswire-FirstCall/ -- The Timken Company announced today that it has acquired the assets of Alcor Engine Company, Inc., and its affiliate, Advance Repair Technologies, Inc. Terms were not disclosed.
Alcor is a leading producer of direct replacement parts for gas turbine engines and components used in the aviation industry. Located in Gilbert, Arizona, Alcor manufactures and repairs a broad range of components used in turbine engine power plants. Alcor also provides specialized repair and restoration services through its proprietary technologies. It currently employs 22 aviation-trained and qualified specialists with additional growth expected.
The newly formed subsidiary is called Timken Alcor Aerospace Technologies, Inc. It will continue to operate under existing leadership at its current location as part of Timken Aerospace.
"With its outstanding engineering and manufacturing expertise, Alcor brings strategic resources to Timken that allow us to build on our heritage of innovation," said J. Ron Menning, vice president - aerospace and defense. "This strategic acquisition represents a strong growth opportunity through the significant expansion in our capabilities and product base as we move to deliver increased value to the aviation industry. The addition of the Alcor product lines expands our ability to grow beyond bearings and deliver innovative solutions through complex products, integrated sub-systems and services to aviation customers."
"Alcor's core customers will benefit from Timken resources and market presence," said Barry Stonehouse, general manager, Timken Alcor Aerospace Technologies. "Direct access to Timken friction management technology and Timken research located in Canton, Ohio, will help us strengthen product performance and expand our ability to serve the market."
Timken Aerospace, a subsidiary of The Timken Company, offers a comprehensive line of products and services, known for consistent, critical performance and backed by the most stringent quality standards in the world. Timken Aerospace products are found in aircraft engines, gearboxes, helicopter transmissions, auxiliary power units, landing wheels, airframes and instrumentation.
The Timken Company (NYSE: TKR, www.timken.com) is a leading global manufacturer of highly engineered bearings and alloy steels and a provider of related products and services with operations in 29 countries. The company recorded 2003 sales of $3.8 billion and employed approximately 26,000 at year-end.
Contact: Media, Dwight E. Keeney, Communications Manager, (860) 626-2622, or Investors, Kevin R. Beck, Manager - Investor Relations, (330) 471-7181
SOURCE The Timken Company