Timken Company acquires aircraft component manufacturer The Purdy Corp.
Clients Timken Company, The
Jones Day advised The Timken Company in its $200 million acquisition of the assets of The Purdy Corp., a leading precision manufacturer and systems integrator for military and commercial aviation customers. The acquisition further expands the growing range of power-transmission products and capabilities Timken provides to the aerospace market and is expected to be accretive to earnings during the first year of ownership. The Purdy Corporation's expertise includes design, manufacturing, testing, overhaul and repair of transmissions, gears, rotor-head systems and other high-complexity components for helicopter and fixed-wing aircraft platforms. Founded in 1946, Purdy is based in Manchester, Conn., employs more than 200 people and had 2006 sales of approximately $87 million. In addition to M&A representation, Jones Day provided employee benefits, environmental, financing, labor, real estate, and tax advice regarding this transaction.