NORTH
CANTON, Ohio, Sept. 6,
2022 /PRNewswire/ -- The Timken Company (NYSE:
TKR; www.timken.com), a global leader in engineered bearings and
industrial motion products, has reached an agreement to acquire GGB
Bearing Technology (GGB), a division of Enpro, Industries
(including exclusive negotiations with respect to the French
operations of GGB). Founded in 1899, GGB serves a variety of
diverse customers, markets, geographies and applications with a
product portfolio that complements existing Timken industry-leading
engineered bearing solutions. GGB revenue is expected to be around
$200 million in fiscal year
2022.
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"GGB has a strong heritage of delivering high-performance
products to well-established customers who are leaders in their
respective industries," said Richard G.
Kyle, Timken president and chief executive officer. "This
acquisition provides strong synergies and meaningfully expands our
business by adding complementary products with a solid growth
outlook. GGB's leading portfolio of metal-polymer bearings will
further Timken's ability to deliver the best solution to our
customers' most challenging friction management applications. GGB
also presents an excellent cultural fit for Timken, including a
commitment to corporate social responsibility with a portfolio of
environmentally sustainable solutions."
GGB is a global technology and market leader of premium
engineered metal-polymer plain bearings with expertise in material
science, surface engineering and tribology. With manufacturing
facilities across the United
States, Europe and
China, GGB employs approximately
900 people and has a global engineering, distribution and sales
footprint. The company's tribology solutions in plain bearing
coatings complements Timken's leading positions in roller and ball
bearings. GGB's products are used mainly in industrial
applications, including pumps and compressors, HVAC, off-highway,
energy, material handling and aerospace.
Timken will fund the transaction with 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 of this year. Timken anticipates the acquisition will be
accretive to earnings in the first full quarter after closing.
About The Timken
Company
The Timken Company (NYSE: TKR; www.timken.com) designs a
growing portfolio of engineered bearings and industrial motion
products. With more than a century of knowledge and innovation, we
continuously improve the reliability and efficiency of global
machinery and equipment to move the world forward. Timken posted
$4.1 billion in sales in 2021 and
employs more than 18,000 people globally, operating from 43
countries. Timken has been recognized among America's Most
Responsible Companies by Newsweek, the World's Most Ethical
Companies® by Ethisphere, and America's Best Employers, Best
Employers for New Graduates and Best Employers for Women by
Forbes.
Safe Harbor
Certain statements in this release (including statements
regarding the company's forecasts, estimates, plans and
expectations) that are not historical in nature are
"forward-looking" statements within the meaning of the Private
Securities Litigation Reform Act of 1995. In particular, the
statements related to expectations regarding realization of
synergies, accretion, the expected future financial performance of
the newly acquired business, and the timing of the closing of this
transaction are forward-looking. The company cautions that actual
results may differ materially from those projected or implied in
forward-looking statements due to a variety of important factors,
including: the inability to successfully acquire and integrate the
newly acquired business into the company's operations or achieve
the expected synergies associated with the acquisition;
negative impacts to the newly acquired business as a result of
global conflicts and hostilities or inflation; unanticipated
changes in business relationships with customers or their purchases
from the newly acquired business; unanticipated litigation, claims,
investigations or assessments; and adverse changes in the markets
served by the newly acquired business. Additional factors are
discussed in the company's filings with the Securities and Exchange
Commission, including the company's Annual Report on Form 10-K for
the year ended Dec. 31, 2021,
quarterly reports on Form 10-Q and current reports on Form 8-K.
Except as required by the federal securities laws, the company
undertakes no obligation to publicly update or revise any
forward-looking statement, whether as a result of new information,
future events or otherwise.
Media Relations:
Scott Schroeder
234.262.6420
scott.shroeder@timken.com
Investor Relations:
Neil Frohnapple
234.262.2310
neil.frohnapple@timken.com
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SOURCE The Timken Company