ShanghaiSeptember 9, 2022/ PR Newswire /-Timken (NYSE: TKR;), the global leader in engineering bearings and industrial transmission products, has signed an agreement to acquire GGB Bearing Technology (GGB), a business unit of the Intel Plus Industrial Group, including exclusive negotiations on GGB's French operations. Founded in 1899, GGB serves a wide range of customers, markets, regions and applications, and its product portfolio complements Timken's industry-leading existing engineering bearing solutions. Sales of GGB are expected to reach $200 million in fiscal year 2022.
Richard G. Kyle, President and CEO of Timken, said, "GGB has a fine tradition of providing high-performance products to customers who are leaders in a variety of industries. This acquisition will generate huge synergies and bring complementary products with stable growth prospects, which in turn will help us achieve meaningful business expansion. GGB's family of metal polymer bearings is a leader, which will further enhance Timken's ability to provide the best solutions for customers in the most challenging areas of friction management applications. There is also a high cultural fit between GGB and Timken, including a commitment to corporate social responsibility and a range of environmentally sustainable solutions. "
GGB is a global technical and market leader in the field of premium engineering metal polymer plain bearings with outstanding expertise in material science, surface engineering and tribology. GGB has manufacturing plants in the United States, Europe and China, currently employs about 900 people, and has engineering, distribution and sales footprints around the world. The company's tribological solutions in the field of plain bearing coatings will complement Timken's leading position in rolling bearings. GGB's products are mainly used in the industrial sector, including pumps and compressors, HVAC, off-road equipment, energy, material handling and aerospace.
Timken will use cash and existing revolving credit to finance the acquisition. The deal also needs to meet the usual closing conditions and is expected to close in the fourth quarter of this year. Timken expects the acquisition to generate earnings growth in the first full quarter after the close of the deal.
About Timken Company
Timken (NYSE: TKR;) designs engineering bearings and industrial transmission products and continues to expand its product line. With more than a century of innovation and knowledge accumulation, we continue to improve the reliability and efficiency of global machinery and equipment and promote the progress of the world. Timken has sales of US $4.1 billion in 2021 and employs more than 18000 people in 43 countries. Timken was named the most responsible company in the United States by Newsweek, the most ethical company in the world by the moral Village Association, and the best employer, graduate employer and female employer in the United States by Forbes.
Timken Greater China, headquartered in Shanghai, provides bearing and industrial transmission products for many industrial industries, including energy, aviation, railway, automotive, metallurgy, mining, cement and machine tools. In Greater China, the company has more than 3800 employees, offices at all levels in 14 major cities, five bearing manufacturing bases and three industrial transmission product manufacturing bases, as well as an industrial service center and a number of logistics and engineering centers. Timken is committed to creating value and actively participating in the construction and sustainable development of its community in order to create a better world.