Tuesday, May 31, 2011

Millions Spent on Buyout

Philadelphia is at the heart of a $200 million transaction. Timken Co. bought out Philadelphia Gear. Philadelphia gear develops vital components for industrial and military sectors, and Timken Co., which is based in Canton, OH, makes bearings, assemblies and alloy steel for auto manufacturers.

Because of the two companies close niches it was no wonder why the transaction took place. The buyout is expected to add an additional 220 jobs to Timken Co and boost earnings within the first year! The transaction is scheduled to be completed by the end of September. Big money is being spent in the Philadelphia area, but being a Philadelphia moving company , we already knew the great business opportunities that lie in Philly.