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Timken Acquires Lagersmit For Undisclosed Terms

2024-06-07MyfxbookMyfxbook
The Timken Co. (TKR) announced Thursday it has acquired Lagersmit, a Netherlands-based manufacturer of highly engineered sealing solutions for demanding marine, dredging, water, tidal energy and other industrial
Timken Acquires Lagersmit For Undisclosed Terms

(RTTNews) - The Timken Co. (TKR) announced Thursday it has acquired Lagersmit, a Netherlands-based manufacturer of highly engineered sealing solutions for demanding marine, dredging, water, tidal energy and other industrial applications.

The Lagersmit business is expected to generate around $40 million in revenue in calendar year 2023. The results for the business will be included in Timken's 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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