Timken enhances marine market presence with Lagersmit acquisition

The Timken Company, a global leader in engineered bearings and industrial motion products based in North Canton, Ohio, U.S.A., has announced the acquisition of Lagersmit, a Netherlands-based manufacturer specialising in highly engineered sealing solutions. This strategic move significantly bolsters Timken’s portfolio, particularly in the marine, dredging, water, and tidal energy sectors.

Lagersmit, with its rich history dating back to 1856, brings to Timken a suite of advanced sealing products designed for demanding applications. “Lagersmit adds engineered sealing products to our portfolio and strengthens our presence in the attractive marine market,” said Christopher Coughlin, Timken’s executive vice president and president of Industrial Motion. The acquisition serves leading propulsion manufacturers, ship owners, pump makers, and other industrial customers globally, requiring sophisticated sealing systems.

Lagersmit, employing approximately 90 people, is projected to generate around USD40 million in revenue for the calendar year 2023. The results of this business will be incorporated into Timken’s Industrial Motion segment. Timken funded the transaction using cash on hand and its existing revolving credit facility, though other terms of the transaction were not disclosed.

The Timken Company, with a century of knowledge and innovation, is dedicated to improving the reliability and efficiency of global machinery and equipment. In 2022, Timken posted USD4.5 billion in sales and employs more than 19,000 people globally, operating in 46 countries.