Indianapolis-based manufacturer Diamond Chain Co. will continue to operate under the same name even though it has been acquired by Timken Co., a much larger company based in North Canton, Ohio.
Timken acquired Diamond Chain for $84 million from Chicago-based Amsted Industries in a cash deal that closed last month.
Timken will keep the Diamond Chain name because “it is widely recognized and valued,” Timken spokesman Scott Schroeder told IBJ in an e-mail. “This product trademark makes an excellent addition to the Timken portfolio of leading industrial brands.”
Schroeder said the integration of the two companies is going well, but he did not provide details about how the acquisition may affect staffing levels, production or other aspects of Diamond Chain's local operations.
“We are early in the integration process and have not announced any such changes," he said. "We are focused on maintaining business momentum.”
Founded in 1890, Diamond Chain makes high-performance roller chains for equipment used in a range of industries including agriculture, construction, food and beverage production and mining.
The company has its corporate headquarters at 402 Kentucky Ave. on the south side of downtown, where it has operated since 1918. It has about 370 employees in the United States and China. For the 12-month period ending March 31, the company posted revenue of more than $60 million.
Diamond Chain’s products were used in several historic vehicles, including Orville and Wilbur Wright’s first flying machine, Henry Ford’s first automobile and numerous championship motorsports vehicles, according to the company’s website.
Timken, founded in 1899, makes engineered bearings and power transmission products. The company posted $3.6 billion in revenue in 2018 and has more than 17,000 employees in 35 countries. It has manufacturing plants and service centers around the U.S. and overseas, including a facility in Mishawaka.