Timken Co. acquires Netherlands-based sealant company
The Timken Co. announced Thursday that it acquired Lagersmit, a Netherlands-based manufacturer of engineered sealing products.
"Lagersmit adds engineered sealing products to our portfolio and strengthens our presence in the attractive marine market," Christopher Coughlin, Timken's executive vice president and president of Industrial Motion, said in a prepared statement. "The business serves leading propulsion manufacturers, ship owners, pump makers and other industrial customers around the globe that require advanced sealing systems."
Lagersmit was founded in 1856. The company employs about 90 people and is expected to generate about $40 million in revenue this year.
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.
The acquisition is one of several made by Timken this year. The company has acquired the Nadella Group, American Roller Bearing Co., Des-Case Corp., Rosa Sistemi S.p.A. and Engineered Solutions Group.
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