Bearings-maker Timken announced another sizable European bolt-on on Sept. 6 in the form of GGB Bearing Technology.
A division of Enpro, Industries and founded in 1899, France-based GGB is a global manufacturer of engineered metal-polymer plain bearings for various industries and applications. The company’s expertise specializes in material science, surface engineering and tribology.
Terms were not disclosed for the deal, which is expected to close in the fourth quarter of this year. Timken said it will fund the transaction with cash on-hand and its existing revolving credit facility.
In a news release, Timken (North Canton, Ohio) said GGB’s 2022 revenue is expected to be approximately $200 million.
It’s the second-straight acquisition in Europe for Timken, which acquired Spain-based Spinea at the end of May, adding a manufacturer of cycloidal reduction gears and actuators with forecasted 2022 revenue of $40 million.
GBB has seven production facilities between the U.S. (two in Thorofare, New Jersey), France, Germany China, Brazil and Slovakia. Its U.S. distributors include well-known names on MDM’s 2022 Top Bearings/Power Transmission Distributors list: Applied Industrial Technologies, BDI Bearing Service, DXP Enterprises, IBT, Motion Industries and Purvis Industries.
“GGB has a strong heritage of delivering high-performance products to well-established customers who are leaders in their respective industries,” said Richard Kyle, Timken president and CEO. “This acquisition provides strong synergies and meaningfully expands our business by adding complementary products with a solid growth outlook. GGB’s leading portfolio of metal-polymer bearings will further Timken’s ability to deliver the best solution to our customers’ most challenging friction management applications. GGB also presents an excellent cultural fit for Timken, including a commitment to corporate social responsibility with a portfolio of environmentally sustainable solutions.”
GGB’s products are used mainly in industrial applications, including pumps and compressors, HVAC, off-highway, energy, material handling and aerospace. The company employs approximately 900 people, and Timken said its tribology solutions complement Timken’s positions in roller and ball bearings.
On Aug. 10, Timken announced a trio of executive appointments, including Andreas Roellgen as president of Engineered Bearings and Christopher Coughlin as president of Industrial Motion.