TIMKEN is the world's leading manufacturer of high-quality bearings, alloy steel, and related components and accessories. No matter where in the world, as long as there is equipment running and power transmission, you can see the technology and products of TIMKEN company. TIMKEN bearings produce 230 types of TIMKEN tapered roller bearings with 26,000 different specifications. They are widely used in various countries around the world.
TIMKEN, a global leader in bearing and power transmission products (NYSE: TKR;), has announced that it has signed an agreement to acquire Bayer Cobo. The BEKA group is a leading global supplier of automatic lubrication systems in Germany. The company serves a wide range of industrial industries, including wind energy, food and beverage, rail, road vehicles and off-road equipment, and other processing equipment industries. BEKA's full-year sales in 2019 are expected to reach $ 135 million.
"BEKA is a premium brand and a technology leader. Like our Groeneveld lubrication business, they also provide automatic and centralized lubrication. Systems to help customers reduce costs and extend equipment life. With the combined Groeneveld-BEKA business unit, we expect to achieve good synergies and create opportunities to increase profits and revenue. " Said Richard G. Kyle, President, and CEO of TIMKEN.
Founded in 1927, BEKA is a family-owned company headquartered in Pegnitz, Germany. The company currently employs about 900 people. Its manufacturing and R & D department are located in Germany, with assembly plants and sales offices around the world.
TIMKEN officially entered the automatic lubrication market by acquiring Interlube in 2013, and further expanded its product lineup and global coverage through the acquisition of Greenfield in 2017. With the addition of BEKA, TIMKEN will become the world's second-largest manufacturer of industrial automatic lubrication systems. Compared with manual lubrication, automated lubrication systems can extend equipment life and improve reliability while reducing the total cost of ownership. The transaction further advances TIMKEN's development strategy, which is to expand its leadership in the field of engineering bearings, while diversifying its product range by developing adjacent products and markets.
The agreement acquisition also needs to be approved by the German regulatory authorities and is expected to end in the fourth quarter of this year. Funding for the purchase will be raised through cash and existing debt instruments. TIMKEN expects to include this acquisition in adjusted earnings within 2020.
About TIMKEN
TIMKEN Corporation (NYSE: TKR;) develops and markets high-quality TIMKEN roller bearings and power 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 world progress. TIMKEN has 2018 sales of $ 3.6 billion and has more than 18,000 employees in 35 countries and regions around the world.
TIMKEN Greater China is headquartered in Shanghai and provides bearings and power transmission products for many industrial industries such as energy, aviation, railway, metallurgy, mining, cement, and machine tools. In Greater China, the company has more than 3,600 employees, has offices in 12 major cities, and has established 5 TIMKEN roller bearings manufacturing bases, one training center, and multiple logistics and engineering technologies And industrial service centers. TIMKEN is committed to creating value and is actively engaged in the construction of its communities and its sustainable development to shape a better world.
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