Timken, the global industry leader in engineered bearings and industrial transmission products, has now acquired Lagersmit, a Netherlands-based manufacturer of highly engineered sealing solutions for demanding applications in the marine, dredging, water, tidal energy and other industries.
“Lagersmit adds engineered seals to our portfolio, strengthening our position in the popular marine market. The company serves the world’s leading propulsion system manufacturers, ship owners, pump manufacturers and other industrial customers requiring advanced sealing systems.Lagersmit is a premium brand offering high-end products that are highly complementary to our existing portfolio.”
Executive Vice President and President of Industrial Drive Products, Timken Company
Lagersmit was founded in 1856 and employs approximately 90 people. The company’s 2023 generated operating income is expected to reach approximately $40 million. The company’s results will be attributed to the Industrial Drives business unit.
Timken will finance the acquisition transaction with cash and an existing revolving credit facility. Other terms of the transaction were not disclosed.