CHICAGO Timken Co. has
purchased the assets of Wazee Companies LLC, a Denver-based
provider of motor, generator, wind and industrial crane
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
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
amm.com, Dec. 3).