Timken Completes Acquisition of GGB Bearings

Rhea-AI Summary

The Timken Company (NYSE: TKR) has announced the completion of its acquisition of GGB Bearings, a leader in engineered metal-polymer plain bearings. GGB, which is expected to generate approximately $200 million in revenue for the fiscal year 2022, enhances Timken's product line, particularly in industrial applications. The acquisition is anticipated to strengthen Timken's market position, leveraging GGB's global presence and technical expertise across various sectors including energy and aerospace.

Positive

• Acquisition of GGB Bearings enhances Timken's product portfolio.
• GGB expected to contribute approximately $200 million in revenue for fiscal 2022.
• Strengthens Timken's market position in industrial applications.

Negative

• None.

NORTH CANTON, Ohio, Nov. 7, 2022 /PRNewswire/ -- The Timken Company (NYSE: TKR; www.timken.com), a global leader in engineered bearings and industrial motion products, has completed its previously announced acquisition of GGB Bearings.

Founded in 1899, GGB Bearings serves a variety of diverse customers, markets, geographies and applications with a product portfolio that complements existing Timken industry-leading engineered bearing solutions. GGB Bearings' revenue is expected to be around $200 million in fiscal year 2022. With manufacturing facilities across the United States, Europe and China, GGB Bearings employs approximately 900 people and has a global engineering, distribution and sales footprint. 

GGB Bearings is a global technology and market leader of premium engineered metal-polymer plain bearings with expertise in material science, surface engineering and tribology. Its tribology solutions in plain bearing coatings complement Timken's leading positions in roller and ball bearings. GGB Bearings' products are used mainly in industrial applications, including pumps and compressors, HVAC, off-highway, energy, material handling and aerospace.

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.  

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

FAQ

What are the details of Timken's acquisition of GGB Bearings?

Timken has acquired GGB Bearings, which is expected to generate about $200 million in revenue for fiscal year 2022.

How will GGB Bearings impact Timken's business?

GGB Bearings will enhance Timken's engineered bearing solutions and strengthen its market position in various industrial applications.

What industries does GGB Bearings serve?

GGB Bearings serves industries such as HVAC, energy, material handling, and aerospace.

What is the significance of the acquisition for TKR stockholders?

The acquisition is expected to positively contribute to Timken's revenue and market presence, potentially benefiting stockholders.