North Canton, OH-based engineered bearings and power transmission products manufacturer Timken agreed to acquire Carson City, NV-based CGI Inc.
CGI — a manufacturer of drive systems serving automation markets with a focus in medical robotics — employs approximately 130 people and is expected, in 2024, to generate approximately $45 million in sales.
“Timken has one of the broadest and most differentiated precision drive product portfolios in the global automation industry,” Industrial Motion Executive VP and President Christopher Coughlin said in an Aug. 5 news release. “Driven by our strength in operational excellence, growing global footprint and expanding engineering expertise, we are well positioned for growth in attractive markets such as medical, solar, factory automation, aerospace, general industrial and more.”
In 2018, Timken acquired Cone Drive, entering the prevision drive space and in 2022 the company expanded its capabilities with the addition of Spinea. With the acquisition of CGI, Timken’s position is expected to be bolstered in the automation and robotic solutions field.
“CGI’s precision motion-control offerings closely complement our Cone Drive harmonic and Spinea cycloidal products,” Coughlin added. “With an attractive product portfolio, strong presence in high-growth medical applications, state-of-the-art manufacturing and consistently strong operating margins, the CGI acquisition is a good strategic fit for Timken that will help us continue to build on our 125-year legacy of innovation.”
Timken will fund the transaction — expected to close in the third quarter — with existing credit facilities and cash on-hand.
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