Phila. Gear Corp. being sold for $200M

Philadelphia Gear Corp., founded in 1892 to serve the steel and coal industries and now based in King of Prussia, is being sold for $200 million.

The buyer, the Timken Co., of Canton, Ohio, announced the agreement today.

Philadelphia Gear, which specializes in servicing gear drives for energy, industrial and marine markets, had $85 million in sales in the 12 months ended in March and employs 220, Timken said.

Timken had $4.1 billion in sales last year and employs 20,000. The company makes complex bearings, alloy steels, and related components.

Carl Rapp, chief executive of Philadelphia Gear, said the company office and technical center would remain in King of Prussia, where just under 40 work.

"It really is a growth story," said Rapp, who has a contract to remain at the company along with his management team.