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.
The article Timken Acquires Smith Services Assets originally appeared on Fool.com.
Fool contributor Rich Smith and The Motley Fool have no position in any of the stocks mentioned. Try any of our Foolish newsletter services free for 30 days. We Fools don't all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.
Copyright © 1995 - 2013 The Motley Fool, LLC. All rights reserved. The Motley Fool has a disclosure policy.