Timken to Acquire Engineered Solutions Group (iMECH), Expanding Engineered Bearings Portfolio for Terms Undisclosed
Portfolio Pulse from Benzinga Newsdesk
The Timken Company (NYSE:TKR) has announced plans to acquire Engineered Solutions Group (iMECH), a manufacturer of thrust bearings, radial bearings, specialty coatings and other components primarily used in the energy industry. The deal, which is expected to close in the fourth quarter, will be funded through a combination of cash on hand and Timken's existing revolving credit facility.
October 16, 2023 | 10:55 am
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POSITIVE IMPACT
Timken's acquisition of iMECH could potentially expand its product range and create cross-selling opportunities, potentially boosting its revenues.
The acquisition of iMECH by Timken is expected to increase the company's product breadth and provide cross-selling opportunities. This could potentially lead to increased revenues and a positive impact on the company's stock price.
CONFIDENCE 80
IMPORTANCE 75
RELEVANCE 100