There is much going on in the world of fluid power and motion control, from technology introductions and industry advancements to new trends and industry leaders. Each week the Power & Motion team collects some of the latest industry news to help keep our readers up to date on what's happening in the industries in which they work.
Timken Acquiring GGB Bearing Technology
The Timken Company has entered an agreement to acquire GGB Bearing Technology (GGB) — a division of Enpro, Industries — which develops a variety of industries across the globe. GGB's product portfolio will complement that of Timken's engineering bearing solutions.
"This acquisition provides strong synergies and meaningfully expands our business by adding complementary products with a solid growth outlook. GGB's leading portfolio of metal-polymer bearings will further Timken's ability to deliver the best solution to our customers' most challenging friction management applications. GGB also presents an excellent cultural fit for Timken, including a commitment to corporate social responsibility with a portfolio of environmentally sustainable solutions," said Richard G. Kyle, Timken president and chief executive officer, in the company's press release announcing the acquisition.
According to Timken, GGB will bring its expertise in plain bearing coatings as well as a large global footprint which includes approximately 900 employees and manufacturing in the U.S., Europe and China.
Danfoss Names Director of Talent and Diversity & Inclusion
Danfoss Power Solutions has appointed Robin Carter-Cooper as global director of talent and diversity & inclusion (D&I). In this newly created role she will aid with talent management at the company as well as D&I initiatives. Cater-Cooper brings over 10 years of experience in creating diversity, equity, and inclusion (DEI) in the workforce.
"We strongly believe that intentional DEI programs ultimately lead to organizational and personal growth and success. I look forward to leading this effort at Danfoss Power Solutions," said Cater-Cooper in Danfoss' press release announcing her appointment.
"Robin will play a key role in advancing our talent management and D&I focus across the business," added Christina Fuchs, vice president of human resources at Danfoss. "The diversity of our staff drives innovation and increases our agility in a fast-evolving world. This is especially relevant with Danfoss’ expanding global footprint and strategic ambition to lead the green transformation."
READ MORE: How do We Shape the Future Workforce?
Helios Technologies Agrees to Acquire Daman Products
Motion and electronic controls technology company Helios Technologies has entered an agreement to acquire the assets of Daman Products Company. Indiana-based Daman designs and manufactures hydraulic manifolds and related fluid conveyance products for a variety of industrial and mobile applications. Daman has collaborated over the years' with Helios' Sun Hydraulics brand; the acquisition will help further expand Helios' hydraulics product portfolio.
"Adding Daman onto our pure play Hydraulics platform is a clear demonstration of the continued progress we are making with our flywheel acquisition strategy. Daman has established, long-term relationships with a diversified customer base serving multiple end markets. They bring a differentiated value proposition through sophisticated inventory programs that reduce supply chain delays and enable rapid delivery. They also leverage a strong engineering team that works closely with customers and distributors to design custom tailored solutions for a breadth of applications as well as standard manifold designs," said Josef Matosevic, Helios’ President and Chief Executive Officer, in the company's press release announcing the acquisition. "Daman is a critical supply channel partner that provides a notable combination of high-quality products with value-added engineering, inventory management, rapid prototyping, and assembly services. With over 300 years of combined experience resident in-house, we expect this acquisition to enhance Helios’ technologies through product integration, enabling further system sale opportunities, and diversification of end markets."
T/CCI Manufacturing Receives EV Tax Incentive
Compressor technology developer T/CCI Manufacturing has received the first Reimagining Electric Vehicle (REV Illinois) Tax Incentive package from the state of Illinois. The state has established the tax credit opportunity as a means of helping grow manufacturing for electric vehicles which includes the development of an Electric Vehicle Innovation Cluster.
The company will use the money to retool its Decatur, IL, facility to better enable production of electric compressors which will be vital for use in electric vehicles (EV).
As part of the financial package, Richland Community College and the City of Decatur have also received funding to create an EV Innovation Cluster at T/CCI's global headquarters in Illinois.
"This is a significant moment for T/CCI, the City of Decatur and the State of Illinois, as we embark on new programs to transition our industry toward widespread electrification," said Richard Demirjian, President of T/CCI Manufacturing, in the company's press release announcing receipt of the tax credit. "We’re excited to use our expertise in innovation and component manufacturing to advance Illinois’ position and create a successful partnership that drives long-lasting economic growth."
The research and innovation center at T/CCI's headquarters will aid not only with product development for the growing EV market but also provide necessary training for the future workforce which will serve it. There will also be a full-scale climatic center for testing and simulation to aid development of high-voltage systems, battery cooling and A/C and heat pump technologies. Businesses, organizations and researchers will be able to use the facility.
