CHICAGO Timken Co. has purchased the assets of Wazee Companies LLC, a Denver-based provider of motor, generator, wind and industrial crane services.
Wazees end markets include oil and gas, wind, agriculture, material handling and construction, Timken said, and the addition of Wazee to Timkens process industries segment further expands its industrial services business.
Canton, Ohio-based Timken, known primarily for its steel and bearings businesses, did not disclose the purchase price but said Wazees trailing 12-month sales through December totaled $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 from its two facilities in Denver and operations in Pasco, Wash., and Casper, Wyo.
"Wazee complements our industrial repair capabilities at existing customers and takes us into critical motor and generator services," Timken industrial services vice president Carl Rapp said in a statement.
In late November, an asset management firm and a state retirement fund proposed a spinoff of Timkens steel unit. Timkens board of directors said the suggestion had been reviewed carefully, but it determined that splitting the steel and bearings businesses would not be in shareholders best interests (amm.com, Dec. 3).