CANTON, Ohio, Oct. 6 /PRNewswire-FirstCall/ -- The Timken Company today announced that it has continued to strengthen its strategic position in the aerospace industry with the acquisition of Bearing Inspection, Inc. (Bii), a leading independent provider of aerospace bearing inspection and reconditioning services. Terms of the acquisition, which Timken expects to be accretive during the first year of ownership, were not disclosed.
"This acquisition transforms Timken's position in the aerospace services market," said J. Ron Menning, vice president - aerospace, consumer and super precision. "The combination of Bii's recognized leadership in bearing reconditioning with Timken's capabilities as the foremost global manufacturer of aerospace bearings will dramatically enhance the value we can offer worldwide aviation customers and generate synergies for the business. Timken is now where the industry can turn for an unmatched offering of power transmission products and services."
Bii will continue to operate under existing management at its current location in Los Alamitos, Calif., as part of Timken Aerospace Services. It will become Timken's headquarters for these services, consolidating existing repair operations under the unit's leadership. Former Bii President Drew Baker has been appointed general manager of the combined operations.
The new unit will incorporate Bii's existing 80,000 square-foot repair station, certified by the Federal Aviation Administration and several foreign aviation authorities, and will continue to support leading air carriers, engine-overhaul facilities, military organizations and engine manufacturers serving both the aviation and aero-derivative markets worldwide.
Bii, which celebrated its 50th anniversary this year and has 120 employees, was responsible for establishing commercial and technical acceptance of bearing reconditioning in aerospace engine overhaul programs, and has continued to set performance standards for customer service and cost savings. In addition, the company has offered a variety of other programs, including inventory management, reject replacement, on-site inspection services, engine-kit programs and a number of specialized engineering services.
"Timken brings access to incredible resources, and we are looking forward to providing even stronger reconditioning programs to our customers," said Baker. "Bringing together the operation's reconditioning experts with Timken's comprehensive knowledge of friction management and broad manufacturing capabilities will deliver innovation and value that can improve customer yields on existing platforms while supporting the growth of new programs."
Timken Aerospace offers a comprehensive line of aerospace quality bearings, along with a select range of turbine engine components. Known for consistent, critical performance and backed by stringent quality standards, 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) keeps the world turning, with innovative ways to make customers' products run smoother, faster and more efficiently. Timken's highly engineered bearings, alloy steels and related products and services turn up everywhere. With operations in 27 countries, sales of $4.5 billion in 2004 and 26,000 employees, Timken is Where You Turn™ for better performance.
Jeff Dafler, Manager - Global Media & Government Relations, Telephone: (330) 471-3514, Facsimile: (330) 471-7032, or Email: email@example.com
Steve Tschiegg, Manager - Investor Relations, Telephone: (330) 471-7446, Facsimile: (330) 471-2797, or Email: firstname.lastname@example.org
SOURCE The Timken Company