Timken to Expand Linear Motion Portfolio With the Acquisition of Nadella Group From ICG
The Timken Company (NYSE: TKR; www.timken.com), a global industrial leader in engineered bearings and industrial motion products, has reached an agreement to acquire Nadella Group, a leading European manufacturer of linear guides, telescopic rails, actuators and systems and other specialized industrial motion solutions, from ICG plc. Nadella posted revenue of approximately €100 million in 2022. The business has 450 employees and operates manufacturing facilities in Europe and China. The transaction is subject to regulatory approvals.
"Nadella will complement and scale our linear motion product portfolio and deliver strong synergies with our Rollon business," said Christopher A. Coughlin, Timken executive vice president and president of industrial motion. "Nadella's differentiated solutions are custom engineered for premium applications in attractive and growing market sectors, including medical, food and beverage, packaging and automation. We also see significant growth opportunities for Nadella products in North America as part of Timken."
The acquisition of Nadella will further Timken's strategy to expand and scale its leading industrial motion product portfolio, which includes linear motion and other engineered products that are designed to improve the reliability and efficiency of industrial equipment and machinery. Timken added linear motion products to its portfolio when it acquired Rollon in 2018. Rollon is a leader in engineered linear guides, telescopic rails, actuators and systems, serving robotics, automation, logistics and other attractive market sectors.
The transaction, which is subject to customary closing conditions, is expected to close in the first quarter of 2023 and will be funded with cash on hand and borrowings from committed credit facilities. Timken anticipates the acquisition will be accretive to adjusted earnings in 2023.
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