INDIANAPOLIS - Indianapolis-based The Diamond Chain Co. is under new ownership. The Timken Co. (NYSE: TKR), headquartered in Ohio, has acquired the manufacturer, which produces high-performance roller chains for a variety of markets, including industrial distribution, material handling and agriculture. 

Financial terms of the acquisition are not being disclosed. Diamond Chain was founded in 1890 and employs 370 people in the U.S. and China.

"The acquisition of The Diamond Chain Company adds another strong industrial brand with a reputation for quality, reliability and performance to Timken's growing power transmission portfolio," said Richard Kyle, chief executive officer of Timken. "Diamond Chain is a premier brand in the North American distribution channel and is an excellent strategic fit with our Drives chain business. The acquisition expands our leadership in roller chain, builds on our strong position in distribution and adds depth to our manufacturing capabilities in Asia."

Kyle says Timken expects to create significant savings by combining Diamond Chain with the company's Drives business. Timken says the acquisition makes its power transmission portfolio account for about one-third of the company's revenues.

Timken did not specify whether any jobs would be affected by the deal.