Timken to Acquire Cone Drive
Cone Drive is pleased to share some exciting news with you. The Timken Company has announced their intention to purchase Cone Drive in its entirety. The acquisition will also include Cone Drive’s H-Fang subsidiary, located in Jiangyin, China. The acquisition is expected to be finalized in August, 2018, pending regulatory approvals.
Cone Drive has been a producer of world class precision motion control, power transmission, and slewing products for many years. The acquisition by Timken will further enhance Cone Drive’s growth strategy, as well as benefit us in the areas of product development, operational excellence, and globalization 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.
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.