Bearing behemoth Timken is to acquire the assets of The Purdy Corporation, a precision manufacturer and systems integrator for military and commercial aviation customers, for $200m.
The acquisition will further expand the growing range of power-transmission products and capabilities Timken provides to the aerospace market and is expected to be accretive to earnings during the first year of ownership.
The Purdy Corporation is involved with the design, manufacturing, testing, overhaul and repair of transmissions, gears, rotor-head systems and other high-complexity components for helicopter and fixed-wing aircraft platforms.
Founded in 1946, Purdy is based in Manchester, Connecticut, employs more than 200 people and had 2006 sales of approximately $87m.
The transaction is subject to customary closing conditions, including expiration or termination of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976.
Timken expects the transaction to close in the fourth quarter of 2007.
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