The Timken Company has agreed to acquire CGI Inc., a Nevada-based manufacturer of precision motion systems serving a broad range of automation markets, with a focus on medical robotics. The transaction is subject to customary closing conditions, including regulatory approvals, and is expected to close in the third quarter.
“Timken has the broadest and most differentiated precision motion product portfolio in the global automation industry,” said Christopher Coughlin, executive vice president and president, Industrial Motion. “With our strength in operational excellence, expanding global footprint and growing technical expertise, we are well positioned for growth in attractive markets such as medical, solar power, factory automation, aerospace and general industrial.
“CGI’s precision motion control products complement our Harmonic Cone Drive and Cycloidal Spinaire products. With a compelling product portfolio, a strong presence in high-growth medical applications, cutting-edge manufacturing and consistently high operating margins, the acquisition of CGI is a strategic fit for Timken and will contribute to Timken’s future growth. 125-year tradition of innovation. “