Timken to Acquire Engineered Solutions Group (iMECH), Expanding Engineered Bearings Portfolio
North Canton, Ohio, Oct. 16, 2023/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 Engineered Solutions Group (a.k.a. Innovative Mechanical Solutions or iMECH), based in Houston, Texas. iMECH manufactures thrust bearings, radial bearings, specialty coatings and other components primarily used in the energy industry. The business employs approximately 70 people and projects revenue of approximately $30 million for calendar year 2023.
"The acquisition of iMECH allows us to build on our global leadership in engineered bearings by increasing our product breadth and providing exciting cross-selling opportunities," said Andreas Roellgen, executive vice president and president of Engineered Bearings at Timken. "iMECH partners with the largest and most recognizable energy services companies, delivering highly engineered bearings for extremely demanding applications."
Timken will fund the transaction with a combination of 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.
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 $4.5 billion in sales in 2022 and employs more than 19,000 people globally, operating from 46 countries. Timken has been recognized among America's Most Responsible Companies by Newsweek, the World's Most Ethical Companies® by Ethisphere, America's Most Innovative Companies by Fortune and America's Best Large Employers, Best Employers for New Graduates and Best Employers for Women by Forbes.
Media Relations:
Scott Schroeder
+1-234-262-6420
scott.schroeder@timken.com
Investor Relations:
Neil Frohnapple
+1-234-262-2310
neil.frohnapple@timken.com
SOURCE The Timken Company
