Release time : 2015-06-12 09:55:34
The Timken Company acquired Boring Specialties during first quarter 2008.
Based in Houston, Texas, Boring Specialties provides a wide range of deep-hold oil and gas drilling and extraction products and services.
Renamed Timken Boring Specialties, LLC, the business unit, "combines leading well boring and finishing products with a wide range of Timken high-quality alloy steel bars and tubes, resulting in a one-stop steel source for customers in the energy market."
Sal Miraglia, Steel Group President, said: "The addition of Timken Boring Specialties to our portfolio is the latest in a series of investments to extend our differentiation in the marketplace. We are continuing to make strategic investments in our steel capabilities to bring more value to customers in targeted markets."
BSI employs nearly 200 people and has annual sales of approximately USD $50 million. Timken reportedly paid in the neighborhood of $55 million for the company, with another $15 million earnout available if certain milestones are met over the next five years.