NORTH
CANTON, Ohio, Sept. 5,
2023 /PRNewswire/ -- The Timken Company
(NYSE: TKR; www.timken.com), a global leader in engineered
bearings and industrial motion products, has acquired Des-Case
Corp., a Nashville, Tenn.-based
manufacturer of specialty filtration products for industrial
lubricants. Founded in 1983, the company serves customers across a
variety of industrial end markets. Des-Case's revenue for the
calendar year 2023 is expected to be around $40 million.
"Des-Case is a technical leader in branded filtration solutions
that sit adjacent to our automatic lubrication systems," said
Christopher Coughlin, Timken
executive vice president, president of Industrial Motion. "Des-Case
is known for innovative products and services that improve
equipment reliability, increase profitability and provide
environmental benefits. By adding new products that complement our
existing portfolio, this acquisition provides strong synergy
opportunities, including cross-selling and international
expansion."
The vast majority of Des-Case products are consumables with a
highly repetitive buying cycle that are sold through many of the
same distributors that carry Timken's bearings and other products.
The company's comprehensive product offering includes breathers,
filter elements, condition monitoring, lubrication storage and
filter systems that are used throughout the entire lubricant
lifecycle. These solutions are critical for enhancing reliability,
reducing downtime and extending the useful life of customers'
systems.
Des-Case employs approximately 120 people and operates
manufacturing facilities in Tennessee and the
Netherlands.
Timken funded the transaction with a combination of cash on hand
and its existing revolving credit facility.
About The Timken Company
The Timken Company (NYSE:
TKR; www.timken.com) designs a growing portfolio of
engineered bearings and industrial motion products. With more than
a century of knowledge and innovation, we continuously improve the
reliability and efficiency of global machinery and equipment to
move the world forward. Timken posted $4.5
billion in sales in 2022 and employs more than 19,000 people
globally, operating from 46 countries. Timken has been recognized
among America's Most Responsible Companies by Newsweek,
the World's Most Ethical Companies® by
Ethisphere, America's Most Innovative Companies by
Fortune and America's Best Large Employers, Best
Employers for New Graduates and Best Employers for Women
by Forbes.
Safe Harbor
Certain statements in this release (including statements
regarding the company's forecasts, estimates, plans and
expectations) that are not historical in nature are
"forward-looking" statements within the meaning of the Private
Securities Litigation Reform Act of 1995. In particular, the
statements related to expectations regarding the expected future
financial performance of the newly acquired business are
forward-looking. The company cautions that actual results may
differ materially from those projected or implied in
forward-looking statements due to a variety of important factors,
including: the inability to successfully integrate the newly
acquired business into the company's operations or achieve the
expected synergies associated with the acquisition; negative
impacts to the newly acquired business as a result of global
conflicts and hostilities; and adverse changes in the markets
served by the newly acquired business. Additional factors are
discussed in the company's filings with the Securities and Exchange
Commission, including the company's Annual Report on Form 10-K for
the year ended Dec. 31, 2022, quarterly reports on Form 10-Q
and current reports on Form 8-K. Except as required by the federal
securities laws, the company undertakes no obligation to publicly
update or revise any forward-looking statement, whether as a result
of new information, future events or otherwise.
Media Relations:
Scott Schroeder
234.262.6420
scott.schroeder@timken.com
Investor Relations:
Neil Frohnapple
234.262.2310
neil.frohnapple@timken.com
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SOURCE The Timken Company