The Timken Co. acquires Wazee Companies
The Timken Company announced Wednesday it has acquired the assets of a Denver-based company that provides motors, generators and industrial crane services that can be used in the oil and gas industry, along with wind, agriculture, material handling and construction.
Wazee Companies LLC reported sales last year of approximately $30 million and has more than 100 employees.
The acquisition gives Timken additional diversification in motor rewind, generator rebuild, electric controls, industrial bridge cranes and uptower wind maintenance and repair, operating from four western U.S. 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.”
Timken focuses on metallurgy, friction management and power transmission for machinery. The company engineers, manufactures and markets mechanical components and high-performance steel.
Locally, Timken employs 40 people in Niles, which provides wear-resistant surfaces for mechanical power train components.
Worldwide, Timken had sales of $5.2 billion in 2011 and approximately 21,000 people operating from 30 countries.