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The Timken Co. (NYSE: TKR), Canton, Ohio, has agreed to acquire BEKA Lubrication, Pegnitz, Germany,a leading global supplier of automatic lubrication systems, for $165 million.
BEKA serves a diverse range of industrial sectors including wind, food and beverage, rail, on- and off-highway and other process industries. BEKA sales are expected to be around $135 million for the full year 2019.
"The acquisition of BEKA expands our global leadership in the highly attractive automatic lubrication systems market sector, increases our geographic scale and market coverage in Europe and Asia and will create new opportunities to serve wind and other industrial end markets more fully," said Richard G. Kyle, Timken president and CEO. "BEKA is a premier brand and technical leader, and like our Groeneveld business, offers automatic and central lubrication systems that reduce operating costs and extend equipment life. We expect to realize significant synergies, margin expansion and revenue growth opportunities through the combined Groeneveld-BEKA business."
The transaction advances the company's strategy of focusing on growing its leadership position in engineered bearings while diversifying its portfolio into adjacent products and markets.