Timken Adds Engineered Sealing Solutions to Portfolio with Lagersmit Acquisition
The Timken Company (NYSE: TKR; www.timken.com), a global leader in engineered bearings and industrial motion products, has acquired Lagersmit, a Netherlands-based manufacturer of highly engineered sealing solutions for demanding marine, dredging, water, tidal energy and other industrial applications.
"Lagersmit adds engineered sealing products to our portfolio and strengthens our presence in the attractive marine market," said Christopher Coughlin, Timken executive vice president and president of Industrial Motion. "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."
Lagersmit was founded in 1856 and employs approximately 90 people. The business is expected to generate around $40 million in revenue in calendar year 2023. Results for the business will be included in the Industrial Motion segment.
Timken funded the transaction with cash on hand and its existing revolving credit facility. Other terms of the transaction were not disclosed.
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