Timken Adds Engineered Sealing Solutions to Portfolio with Lagersmit Acquisition

Release Time：21 Dec,2023

<p style="text-align: center;"><img src="/ueditor/php/upload/image/20231221/1703163431586437.png" title="1703163431586437.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 acquired&nbsp;Lagersmit, a&nbsp;Netherlands-based manufacturer of highly engineered sealing solutions for demanding marine, dredging, water, tidal energy and other industrial applications. &nbsp;</span></p><p style="text-align: justify;"><span style="font-family: arial, helvetica, sans-serif; font-size: 12px;">&quot;Lagersmit adds engineered sealing products to our portfolio and strengthens our presence in the attractive marine market,&quot; said&nbsp;Christopher Coughlin, Timken executive vice president and president of Industrial Motion. &quot;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.&quot;</span></p><p style="text-align: justify;"><span style="font-family: arial, helvetica, sans-serif; font-size: 12px;">Lagersmit was founded in 1856 and employs approximately 90 people. The business is expected to generate around $40&nbsp;million in revenue in calendar year 2023. Results for the business will be included in the Industrial Motion segment.</span></p><p style="text-align: justify;"><span style="font-family: arial, helvetica, sans-serif; font-size: 12px;">Timken funded the transaction with cash on hand and its existing revolving credit facility. Other terms of the transaction were not disclosed.</span></p><p><br/></p>