Timken to Acquire Engineered Solutions Group (iMECH), Expanding Engineered Bearings Portfolio

Release Time：16 Oct,2023

<p style="text-align: center;"><img src="/ueditor/php/upload/image/20231016/1697459579700084.png" title="1697459579700084.png" alt="2.png"/></p><p style="text-align: justify;"><span style="font-family: arial, helvetica, sans-serif; font-size: 12px;">The Timken Company (NYSE: TKR;?www.timken.com), a global leader in engineered bearings and industrial motion products, has reached an agreement to acquire Engineered Solutions Group (a.k.a. Innovative Mechanical Solutions or iMECH), based in&nbsp;Houston, Texas. iMECH manufactures thrust bearings, radial bearings, specialty coatings and other components primarily used in the energy industry. The business employs approximately 70 people and projects revenue of approximately&nbsp;$30 million&nbsp;for calendar year 2023.&nbsp;&nbsp;</span></p><p style="text-align: justify;"><span style="font-family: arial, helvetica, sans-serif; font-size: 12px;">&quot;The acquisition of iMECH allows us to build on our global leadership in engineered bearings by increasing our product breadth and providing exciting cross-selling opportunities,&quot; said&nbsp;Andreas Roellgen, executive vice president and president of Engineered Bearings at Timken. &quot;iMECH partners with the largest and most recognizable energy services companies, delivering highly engineered bearings for extremely demanding applications.&quot;</span></p><p style="text-align: justify;"><span style="font-family: arial, helvetica, sans-serif; font-size: 12px;">Timken will fund the transaction with a combination of cash on hand and its existing revolving credit facility. The deal is subject to customary closing conditions and is expected to close in the fourth quarter.</span></p><p><br/></p>