Timken, a global technology leader in engineered bearings and industrial drives, has agreed to acquire CGI Inc.
a Nevada, US-based manufacturer of precision drive systems serving a broad range of automation markets with a focus on medical robotics. The transaction is subject to customary closing conditions, including regulatory approvals, and is expected to close in the third quarter of this year.
Christopher Coughlin, executive vice president and president of Industrial Drives at Timken, said CGI’s precision drive control products closely complement Timken’s Cone Drive harmonic drive products and Spinea cycloidal drive products and will help Timken continue to build on its 125-year tradition of innovation.
Timken has already entered and expanded its capabilities in the precision transmission space through the acquisitions of Cone Drive in 2018 and Spinea in 2022.
The addition of CGI will further solidify Timken’s global leadership in automation and robotics solutions.
CGI is a family-owned company founded in 1967 with its headquarters and manufacturing facilities located in Carson City, Nevada, USA. The company has approximately 130 employees and expects 2024 sales of approximately $45 million.
Timken will finance the transaction through a combination of cash and existing committed loans.