Prešov, Slovakia 2.5.2022 - SPINEA is completing a several-year-long process of selection of a strategic partner in order to cement its position as a leading supplier of high-precision gearboxes in robotics and automation. A new partnership will strengthen SPINEA’s capital position and enable SPINEA to accelerate the growth of production capacity and to accelerate the investments in new product development.
The decisive criterion for the selection of the strategic partner was its strong position in engineering production, its ability to bring synergies and to fully realize the potential of SPINEA in terms of its innovations and production know-how.
Timken, a global industry leader in engineered bearings and power transmission products was the winner in this process. Timken brings the necessary global reach and expertise in the demanding technological processes of innovation and production.
"We are delighted that we have been able to link SPINEA's future with TIMKEN, a world leader in the industries close to our business. Combining portfolios and cooperating in all areas of the business will bring benefits to both companies, support the achievement of strategic goals and accelerate further development." Dušan Vasilišin, CEO of SPINEA.
The transaction is subject to customary closing conditions and is expected to close over the next several weeks.
The Timken Company (NYSE: TKR; www.timken.com) designs a growing portfolio of engineered bearings and power transmission products. With more than a century of knowledge and innovation, Timken continuously improves the reliability and efficiency of global machinery and equipment to move the world forward. Timken posted $4.1 billion in sales in 2021 and employs more than 18,000 people globally, operating from 42 countries. Timken is recognized among America's Most Responsible Companies by Newsweek, the World's Most Ethical Companies® by Ethisphere, and America's Best Employers, Best Employers for New Graduates and Best Employers for Women by Forbes.
Timken plans to leverage its global capabilities to scale the business and introduce SPINEA's next-generation solutions to customers around the world. SPINEA brings an exciting new product line with differentiated technology and state-of-the-art manufacturing to Timken.
Timken will continue to use the strong "SPINEA" brand and expects Slovakia to remain a major development and manufacturing centre for cycloid gearboxes. The company will continue to implement the development project, building a very successful business and creating good working conditions for employees.