Timken Co. has purchased roller chain maker Diamond Chain Co. from Amsted Industries.
Terms were not disclosed. Timken said in a news release Monday morning it used cash on hand and its credit facility to buy the company.
Indianapolis-based Diamond Chain, founded in 1890, makes roller chains for the food and beverage, agriculture, construction and other markets with plants in the U.S. and in China. The company has 370 employees.
The company had sales of $60 million for the 12 months ended March 31. Timken said Diamond Chain is expected to add to adjusted earnings this year.
The acquisition of Diamond Chain adds to Timken’s growing power transmission portfolio and expands Timken’s manufacturing capabilities in Asia, Richard G. Kyle, Timken president and chief executive officer, said in a news release.
“Diamond Chain is a premier brand in the North American distribution channel and is an excellent strategic fit with our Drives chain business,” Kyle said.