On Oct. 16, North Canton, Ohio-based bearings manufacturer The Timken Company announced it has reached an agreement to acquire Engineered Solutions Group (iMECH), based in Houston, Texas.
iMECH manufactures thrust bearings, radial bearings, specialty coatings and other components primarily used in the energy industry. The business projects revenue of approximately $30 million in 2023, according to the news release.
“The acquisition of iMECH allows us to build on our global leadership in engineered bearings by increasing our product breadth and providing exciting cross-selling opportunities,” said Andreas Roellgen, Executive Vice President and President of Engineered Bearings at Timken. “iMECH partners with the largest and most recognizable energy services companies, delivering highly engineered bearings for extremely demanding applications.”
Timken will fund the transaction with a combination of cash on hand and its existing revolving credit facility. The deal is subject to customary closing conditions and is expected to close in the fourth quarter.