September 18, 2008 - Modern Distribution Management

September 18, 2008

Timken Invests $14M in Capacity

The Timken Company, Canton, OH, has invested $14 million in a new thermal treatment facility at its steel plant in Canton, OH. The investment will increase Timken’s capacity to produce heat-treated steel bars and tubes primarily suited for use in the energy and industrial market sectors.
 
The new 34,000-square-foot facility will begin operations in December 2008 and is expected to reach a capacity of 45,000 tons per year by mid-2009.
 
The primary operation at the new facility will be the quenching and tempering of steel bars and tubes that range from 4 inches to 9 inches in diameter and 12 feet to 40 feet in length. This process prepares steel for use in harsh environments such as those found in the oil and gas industry. The new facility will also …

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Actuant Agrees to Buy Cortland Companies

Actuant Corp., Milwaukee, WI, has agreed to acquire Cortland Companies, Cortland, NY, from an investor group lead by Cortec Group for about $230 million.
 
Cortland is a global designer, manufacturer and distributor of custom-engineered electro-mechanical cables and umbilicals, high performance synthetic ropes and value-added steel cable and assemblies. Cortland’s products are used in offshore oil and gas, marine geophysical survey, commercial diving, marine transport, medical, security, defense and aerospace end-markets.
 
Cortland is expected to generate $100 million in revenue this calendar year.
 
Actuant is a diversified industrial company with operations in more than 30 countries. The Actuant businesses are market leaders in highly engineered …

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