Canton, OH — The Timken Company has entered into an agreement to acquire the assets of Boring Specialties Inc. (BSI), a provider of a wide range of precision deep-hole oil and gas drilling and extraction products and services. Based in Houston, Texas, BSI had 2006 sales of approximately $48 million and employs 190 people.
The acquisition will extend Timken’s presence in the growing energy market by adding BSI’s value-added products to its wide range of alloy steel products for oil and gas customers. Terms of the acquisition were not disclosed.
Founded in 1972 by Charlie Elder, BSI primarily serves the oil and gas industry, with value-added products used in the manufacture of down-hole drilling and completion components. Timken steel is used in a number of BSI’s products. Elder will continue as president of the new entity following successful completion of the transaction.
Timken says its solutions span a variety of energy and power-generation applications from windmill gearboxes to energy exploration.