Timken Acquires Smith Services Assets
Canton, Ohio-based Timken has acquired the assets of electric motor repair specialist Smith Services, the company announced Friday. The deal, for an unspecified sum, gives Timken exposure to an electric motor repair business in seven states and a regional services center, bringing in $17 million in annual revenues, and with a staff of 140 employees.
Timken did not comment on the acquisition's effect on its sales or profits in the coming year. However, $17 million in new revenues should add more an a full percentage point to the annual sales of Timken's Process Industries division, the most profitable of the company's four main divisions.
Regardless of the benefits, investors sold off Timken stock by nearly 1.7% in Friday trading. Timken shares closed at $54.05.
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