CGI Inc
Assembly Line
Timken to Expand Motion-Control Platform, Capabilities with Acquisition of CGI Inc.
The Timken Company (NYSE: TKR), a global technology leader in engineered bearings and industrial motion, has agreed to acquire CGI Inc., a Nevada-based manufacturer of precision drive systems serving a broad range of automation markets with a concentration in medical robotics. The deal is subject to customary closing conditions, including regulatory approval, and is expected to close in the third quarter.
“CGI’s precision motion-control offerings closely complement our Cone Drive harmonic and Spinea cycloidal products. With an attractive product portfolio, strong presence in high-growth medical applications, state-of-the-art manufacturing and consistently strong operating margins, the CGI acquisition is a good strategic fit for Timken that will help us continue to build on our 125-year legacy of innovation.”
Timken entered the precision drives space in 2018 by acquiring Cone Drive and expanded its capabilities in 2022 by adding Spinea. These acquisitions were a direct result of Timken’s strategy to diversify and expand its capabilities in industrial motion. Cone Drive and Spinea solutions enable a wide range of applications and are helping to drive Timken’s growth in automation, which ranked as the company’s second-largest individual end-market sector in 2023. The addition of CGI will further bolster Timken’s position as a global leader in automation and robotic solutions.