Timken to buy boring specialists

Timken has agreed to acquire the assets of Boring Specialties (BSI), a provider of precision deep-hole oil and gas drilling and extraction products and services.



Financial details of the acquisition were not revealed.



Houston, Texas-based BSI employs 190 people and in 2006 had sales of $48m. Following the completion of the transaction, BSI’s founder, Charlie Elder, will continue as president of the new business.



The contract is subject to standard closing conditions, and Timken expects the transaction to close in the first quarter of 2008.