Timken Expands its Global Leadership through iMECH Acquisition
The Timken Company (NYSE: TKR), a renowned global player in engineered bearings and industrial motion products, has announced an agreement to purchase Engineered Solutions Group, also known as Innovative Mechanical Solutions or iMECH, situated in Houston, Texas. iMECH specializes in the production of thrust bearings, radial bearings, specialty coatings, and other components predominantly utilized in the energy sector. With around 70 employees, the business anticipates generating revenue of approximately $30 million in the 2023 calendar year.
Andreas Roellgen, the executive vice president and president of Engineered Bearings at Timken, commented, "The acquisition of iMECH offers us an opportunity to expand our global dominance in engineered bearings, broadening our product portfolio and opening up promising cross-selling avenues. iMECH has strong partnerships with major energy services companies, providing sophisticated bearings tailored for highly demanding applications."
Timken intends to finance the acquisition through a combination of available cash and its existing revolving credit facility. The completion of the deal is subject to standard closing conditions and is projected to be finalized in the fourth quarter. Investment Disclaimer: The information provided here is for general informational purposes only. It should not be considered as investment advice or a recommendation for any particular security or investment strategy. Any reliance on the information provided is solely at the discretion of the individual. Past performance is not indicative of future results, and all investments carry risks. It is advisable to consult with a qualified financial advisor or conduct thorough research before making any investment decisions.