Timken to Acquire Drives for $92M

The Timken Company TKR today announced it has agreed to acquire privately held Drives LLC for $92 million in cash. Based in Fulton, Ill., Drives is a leading manufacturer of highly engineered drive-chains, roller-chains and conveyor augers for the agricultural and industrial marketplace. The company posted sales of approximately $100 million in the last 12 months, with 430 employees in North America.