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.
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.
SOURCE The Timken Company