NORTH
CANTON, Ohio, Sept. 10,
2024 /PRNewswire/ -- The Timken Company (NYSE:
TKR; www.timken.com), a global technology leader in engineered
bearings and industrial motion, has completed its previously
announced acquisition of CGI, Inc.
CGI, Inc. manufactures precision drive systems serving a broad
range of automation markets with a concentration in medical
robotics. The business employs approximately 130 people and is
expected to generate around $45
million in sales in 2024.
About The Timken Company
The Timken Company (NYSE: TKR; www.timken.com), a global
technology leader in engineered bearings and industrial motion,
designs a growing portfolio of next-generation products for diverse
industries. For 125 years, Timken has used its specialized
expertise to innovate and create customer-centric solutions that
increase reliability and efficiency. The company posted $4.8
billion in sales in 2023 and employs more than 19,000 people
globally, operating from 45 countries. Timken is one of
the World's Most Innovative Companies, according
to Fast Company, and has been recognized
among America's Most Responsible Companies, America's
Greatest Workplaces and America's Greatest Workplaces for
Diversity by Newsweek, Best Companies to Work
For by U.S. News & World Report,
the World's Most Ethical Companies® by
Ethisphere and America's Most Innovative
Companies by Fortune.
Safe Harbor
Certain statements in this release (including statements regarding
the company's forecasts, estimates, plans and 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 expected future financial performance of the newly
acquired business 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 inability to complete the acquisition due
to either the failure to satisfy any condition to the closing of
the transaction, including receipt of regulatory approval, or the
occurrence of any event, change or other circumstance that could
give rise to the termination of the purchase agreement; the
inability to successfully integrate the newly acquired business
into the company's operations or achieve the expected synergies
associated with the acquisition; negative impacts to the newly
acquired business as a result of global conflicts and hostilities;
and adverse changes in the markets served by the newly acquired
business. Additional factors are discussed in the company's filings
with the Securities and Exchange Commission, including the
company's Annual Report on Form 10-K for the year ended Dec.
31, 2023, quarterly reports on Form 10-Q and current reports on
Form 8-K. Except as required by the federal securities laws, the
company undertakes no obligation to publicly update or revise any
forward-looking statement, whether as a result of new information,
future events or otherwise.
Media Relations:
Scott Schroeder
234.262.6420
scott.schroeder@timken.com
Investor Relations:
Neil Frohnapple
234.262.2310
investors@timken.com
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SOURCE The Timken Company