Bearing companies on acquisition trail
Canton, OH - The Timken Company has acquired the assets of Wazee Companies LLC, a regional supplier of motor, generator, wind and industrial crane services to diverse end markets, including oil and gas, wind, agriculture, material handling and...
Canton, OH – The Timken Company has acquired the assets of Wazee Companies LLC, a regional supplier of motor, generator, wind and industrial crane services to diverse end markets, including oil and gas, wind, agriculture, material handling and construction.
Based in Denver, CO, Wazee had trailing 12-month sales through December 2012 of approximately $30 million. The acquisition brings Timken additional diversified services including motor rewind, generator rebuild, electric controls, industrial bridge cranes and uptower wind maintenance and repair, operating from four western US locations.
“We continue to focus our strategy on further diversifying the Timken services portfolio,” said Carl Rapp, vice-president of industrial services for Timken. “Wazee complements our industrial repair capabilities at existing customers and takes us into critical motor and generator services.
“Wazee has a strong reputation in the region it serves and is led by an experienced management team,” said Rapp. “They bring great technical skills and provide an excellent footprint for us to expand our bearing and gearbox repair services.”
Wazee currently operates out of four locations—two in the Denver area, one in Pasco, WA, and another in Casper, WY. Wazee has more than 100 employees. The purchase includes assets from Wazee’s 2011 acquisition of H&N Electric, Inc., which also offers repair, maintenance and overhaul services for critical motors and wind generators in the Pacific Northwest region.
Another bearing manufacturer, the SKF Group of Sweden, is to acquire German ship components provider Blohm + Voss Industries (BVI) from Star Capital Partners. Blohm + Voss Industries is a manufacturer of equipment for critical marine applications, including shaft components (seals and bearings), stabilizers, and oily water separators. The company has around 400 employees and originates from the Blohm + Voss shipyard, which was founded in 1877.
SKF will pay 80 million EUR for 100% of the equity of BVI and assumes net loans/cash of 18 million EUR. The transaction is subject to relevant regulatory approvals.
“We are excited to have Blohm + Voss Industries become part of the SKF Group. The synergies between the SKF and BVI marine portfolio will support SKF to be an even stronger partner for critical shaft components to the marine industry and marine specific applications for both OEM and end users,” says Tom Johnstone, SKF president and CEO.
The acquisition is intended by SKF to establish itself as a leading supplier of marine sealing arrangements, and hydrodynamic bearings, which is a significant bearing type in the marine industry.