North Canton-based The Timken Co. has agreed to acquire CGI Inc., a Nevada-based manufacturer of precision drive systems serving a broad range of automation markets with a concentration in medical robotics.
The deal is subject to customary closing conditions, including regulatory approval, and is expected to close in the third quarter.
"Timken has one of the broadest and most differentiated precision drive product portfolios in the global automation industry," said Christopher Coughlin, executive vice president and president of Industrial Motion. "CGI's precision motion-control offerings closely complement our Cone Drive harmonic and Spinea cycloidal products. With an attractive product portfolio, strong presence in high-growth medical applications, state-of-the-art manufacturing and consistently strong operating margins, the CGI acquisition is a good strategic fit for Timken that will help us continue to build on our 125-year legacy of innovation."
CGI is a family-owned business founded in 1967 with headquarters and production facilities in Carson City, Nevada. The company employs approximately 130 people and is expected to generate around $45 million in sales in 2024.
