NORTH
CANTON, Ohio, Jan. 30,
2023 /PRNewswire/ -- The Timken Company (NYSE:
TKR; www.timken.com), a global industrial leader in engineered
bearings and industrial motion products, has reached an agreement
to acquire Nadella Group, a leading European manufacturer of linear
guides, telescopic rails, actuators and systems and other
specialized industrial motion solutions, from ICG plc. Nadella
posted revenue of approximately €100 million in 2022. The business
has 450 employees and operates manufacturing facilities in
Europe and China. The transaction is subject to
regulatory approvals.
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"Nadella will complement and scale our linear motion product
portfolio and deliver strong synergies with our Rollon business,"
said Christopher A. Coughlin, Timken executive vice president
and president of industrial motion. "Nadella's differentiated
solutions are custom engineered for premium applications in
attractive and growing market sectors, including medical, food and
beverage, packaging and automation. We also see significant growth
opportunities for Nadella products in North America as part of Timken."
The acquisition of Nadella will further Timken's strategy to
expand and scale its leading industrial motion product portfolio,
which includes linear motion and other engineered products that are
designed to improve the reliability and efficiency of industrial
equipment and machinery. Timken added linear motion products to its
portfolio when it acquired Rollon in 2018. Rollon is a leader in
engineered linear guides, telescopic rails, actuators and systems,
serving robotics, automation, logistics and other attractive market
sectors.
The transaction, which is subject to customary closing
conditions, is expected to close in the first quarter of 2023 and
will be funded with cash on hand and borrowings from committed
credit facilities. Timken anticipates the acquisition will be
accretive to adjusted earnings in 2023.
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 the expected future
financial performance of the newly acquired business and the
company's existing businesses as well as those related to synergy
expectations 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 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; 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.schroeder@timken.com
Investor Relations:
Neil Frohnapple
234.262.2310
neil.frohnapple@timken.com
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SOURCE The Timken Company