North Canton, OH-based Bearings manufacturer Timken has acquired Lagersmit, a Netherlands-based sealing solutions manufacturer.

Lagersmit was founded in 1856 and employs approximately 90 people. The business is expected to generate around $40 million in revenue in calendar year 2023. Results for the business will be included in Timken’s Industrial Motion segment.

“Lagersmit adds engineered sealing products to our portfolio and strengthens our presence in the attractive marine market,” Timken Industrial Motion President Christopher Coughlin said in a Dec. 21 news release.

Timken funded the transaction with cash on hand and its existing revolving credit facility. Other terms of the transaction were not disclosed.