The Timken Company (NYSE: TKR; www.timken.com), a global leader in engineered bearings and industrial transmission products, has signed an agreement to acquire GGB Bearing Technology (GGB), a business unit of Impro Industries Group ( including exclusive negotiations on GGB's French operations). Founded in 1899, GGB serves a wide variety of customers, markets, regions and applications, and its product portfolio complements Timken's industry-leading existing engineered bearing solutions. GGB's fiscal 2022 sales are expected to reach $200 million.

Richard G. Kyle, President and CEO of The Timken Company, said: "GGB has a strong tradition of delivering high-performance products to customers who are the best in every industry. This acquisition will generate significant synergies and complementary products with stable growth prospects, which in turn will help us achieve meaningful business expansion. GGB's leading line of metal-polymer bearings will further enhance Timken's ability to provide customers with the best solutions for their most challenging friction management applications. There is also a strong cultural fit between GGB and Timken, including a commitment to corporate social responsibility and a range of environmentally sustainable solutions.

GGB is a global technology and market leader in high-quality engineered metal-polymer plain bearings with outstanding expertise in materials science, surface engineering and tribology. With manufacturing facilities in the US, Europe and China, GGB currently employs approximately 900 people and has a global engineering, distribution and sales footprint. The company's tribological solutions in plain bearing coatings will complement Timken's leadership in rolling bearings. GGB's products are primarily used in industrial applications including pumps and compressors, HVAC, off-road equipment, energy, material handling and aerospace.

Timken will use cash and existing revolving credit to fund the acquisition. The transaction, which is also subject to customary closing conditions, is expected to close in the fourth quarter of this year. Timken expects the acquisition to deliver earnings growth in the first full quarter following the closing of the transaction.