NORTH
CANTON, Ohio, Dec. 21,
2023 /PRNewswire/ -- The Timken Company (NYSE:
TKR; www.timken.com), a global leader in engineered bearings and
industrial motion products, has acquired Lagersmit, a Netherlands-based manufacturer of highly
engineered sealing solutions for demanding marine, dredging, water,
tidal energy and other industrial applications.
"Lagersmit adds engineered sealing products to our portfolio and
strengthens our presence in the attractive marine market," said
Christopher Coughlin, Timken
executive vice president and president of Industrial Motion. "The
business serves leading propulsion manufacturers, ship owners, pump
makers and other industrial customers around the globe that require
advanced sealing systems. Lagersmit is a high-quality brand with
premium products that are highly complementary to our existing
portfolio."
Lagersmit was founded in 1856 and employs approximately 90
people. The business is expected to generate around
$40 million in revenue in calendar year 2023. Results for the
business will be included in the Industrial Motion segment.
Timken funded the transaction with cash on hand and its existing
revolving credit facility. Other terms of the transaction were not
disclosed.
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
+1 234.262.6420
scott.schroeder@timken.com
Investor Relations:
Neil Frohnapple
+1 234.262.2310
neil.frohnapple@timken.com
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SOURCE The Timken Company