The Timken Company is set to acquire Cone Drive in its entirety from owner Clyde Blowers Capital (CBC). The buyout will also include Cone Drive’s H-Fang subsidiary, located in Jiangyin, China, and is expected to be finalised during August, pending regulatory approvals.
Cone Drive is a producer of precision motion control, power transmission, and slewing products. The acquisition by Timken - which supplies, bearings, gear drives,couplings, lubrication systems and powertrain rebuild and repair services, among others - will further enhance Cone Drive’s growth strategy, said the company; through product development, operational enhancement and globalisation of the business.
”We will continue to serve our customers through our regional commercial teams, and from the current Traverse City and Ludington, Michigan facilities, as well as H-Fang in China,” said the company.
”This is an exciting transition for Cone Drive, and one that will benefit our customers, suppliers, employees, and stakeholders. We will provide further updates as the information becomes available.”