Timken Co. acquires Netherlands-based sealant company

Release Time：22 Dec,2023

<p style="text-align: center;"><img src="/ueditor/php/upload/image/20231222/1703253940444087.png" title="1703253940444087.png" alt="1.png"/></p><p style="text-align: justify;"><span style="font-family: arial, helvetica, sans-serif; font-size: 12px;">The Timken Co. announced Thursday that it acquired&nbsp;Lagersmit, a Netherlands-based manufacturer of engineered sealing products.</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; Christopher Coughlin, Timken&#39;s executive vice president and president of Industrial Motion, said in a prepared statement. &quot;The business serves leading propulsion manufacturers, ship owners, pump makers and other industrial customers around the globe that require advanced sealing systems.&quot;</span></p><p style="text-align: justify;"><span style="font-family: arial, helvetica, sans-serif; font-size: 12px;">Lagersmit was founded in 1856. The company employs about 90 people and is expected to generate about $40 million in revenue this year.</span></p><p style="text-align: justify;"><span style="font-family: arial, helvetica, sans-serif; font-size: 12px;">Timken, a global manufacturer of bearings and industrial motion products, used cash on hand and its revolving credit facility to fund the acquisition. Detailed terms of the transaction were not released.</span></p><p style="text-align: justify;"><span style="font-family: arial, helvetica, sans-serif; font-size: 12px;">The acquisition is one of several made by Timken this year. The company has acquired the Nadella Group,&nbsp;American Roller Bearing Co.,&nbsp;Des-Case Corp.,&nbsp;Rosa Sistemi S.p.A. and Engineered Solutions Group.</span></p><p><br/></p>