Industrial leader in engineering bearing and power transmission products, Timken, acquired technology leader and engineered cycloidal reduction gears and actuators manufacturer Spinea. In the factory automation industry, Spinea’s products are generally used for high-precision automation and robotics applications. For the whole year of 2022, sales of Spinea are estimated to reach over $40 million.
“Spinea’s well-established position in highly demanding robotics applications will increase our presence in the growing automation space. Spinea brings an exciting new product line with differentiated technology and state-of-the-art manufacturing to Timken. We plan to leverage our global capabilities to scale the business and introduce Spinea’s next-generation solutions to customers around the world,” stated, Richard G. Kyle, Timken’s President and Chief Executive Officer.
Expanding the power transmission products and services, like the inclusion of Rollon and Cone Drive, which deliver next-generation technologies for robotic process automation (RPA) and automation applications, Timken was able to widen their portfolio. Cone Drive’s precision gearing business is complemented by Spinea, which expands the company’s product line and dedication to customer-centric innovation. Timken’s automation position will be bolstered by Spinea suing their technological advancement.
Spinea, based in Presov, Slovakia, has been privately owned and run from its inception in 1994. The deal is scheduled to conclude in the coming weeks, subject to usual closing conditions, and will be funded using cash on hand and credit facility borrowings.