US: Timken has acquired the Diamond Chain Company from Amsted Industries for an undisclosed sum. The US-based chain manufacturer supplies a range of industrial markets, which include material handling, mining and aggregates.
"The acquisition of the Diamond Chain Company adds another strong industrial brand with a reputation for quality, reliability and performance to Timken's growing power transmission portfolio," said Richard G Kyle, Timken president and chief executive officer. He added that the purchase was an ‘excellent strategic fit’ with Timken’s drives chain business and that it would aid its manufacturing presence in Asia.
The Diamond Chain Company was founded in 1890 and it has its headquarters in Indianapolis, Indiana. It has manufacturing operations in the US and China. It employs approximately 370 people.
