Timken has acquired Lagersmit, a Netherlands-based manufacturer of highly engineered sealing solutions for demanding marine, dredging, water, tidal energy and other industrial applications. Lagersmit was founded in 1856 and employs approximately 90 people. The business is expected to generate around $40M in revenue in calendar year 2023. Results for the business will be included in the Industrial Motion segment. Timken funded the transaction with cash on hand and its existing revolving credit facility. Other terms of the transaction were not disclosed.
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