Timken Reaches Agreement to Acquire Engineered Solutions Group
The Timken Company has reached an agreement to acquire Engineered Solutions Group (a.k.a. Innovative Mechanical Solutions or iMECH), based in 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 $30 million for calendar year 2023.
"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," said Andreas Roellgen, executive vice president and president of Engineered Bearings at Timken. "iMECH partners with the largest and most recognizable energy services companies, delivering highly engineered bearings for extremely demanding applications."
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.
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