Timken Acquires Des-Case, Adding Filtration Solutions to Industrial Motion Portfolio
NORTH CANTON, Ohio, Sept. 5, 2023 /PRNewswire/ -- The Timken Company (NYSE: TKR; www.timken.com), a global leader in engineered bearings and industrial motion products, has acquired Des-Case Corp., a Nashville, Tenn.-based manufacturer of specialty filtration products for industrial lubricants. Founded in 1983, the company serves customers across a variety of industrial end markets. Des-Case's revenue for the calendar year 2023 is expected to be around $40 million.
"Des-Case is a technical leader in branded filtration solutions that sit adjacent to our automatic lubrication systems," said Christopher Coughlin, Timken executive vice president, president of Industrial Motion. "Des-Case is known for innovative products and services that improve equipment reliability, increase profitability and provide environmental benefits. By adding new products that complement our existing portfolio, this acquisition provides strong synergy opportunities, including cross-selling and international expansion."
The vast majority of Des-Case products are consumables with a highly repetitive buying cycle that are sold through many of the same distributors that carry Timken's bearings and other products. The company's comprehensive product offering includes breathers, filter elements, condition monitoring, lubrication storage and filter systems that are used throughout the entire lubricant lifecycle. These solutions are critical for enhancing reliability, reducing downtime and extending the useful life of customers' systems.
Des-Case employs approximately 120 people and operates manufacturing facilities in Tennessee and the Netherlands.
Timken funded the transaction with a combination of cash on hand and its existing revolving credit facility.
About The Timken Company
The Timken Company (NYSE: TKR; www.timken.com) designs a growing portfolio of engineered bearings and industrial motion products. With more than a century of knowledge and innovation, we continuously improve the reliability and efficiency of global machinery and equipment to move the world forward. Timken posted $4.5 billion in sales in 2022 and employs more than 19,000 people globally, operating from 46 countries. Timken has been recognized among America's Most Responsible Companies by Newsweek, the World's Most Ethical Companies® by Ethisphere, America's Most Innovative Companies by Fortune and America's Best Large Employers, Best Employers for New Graduates and Best Employers for Women by Forbes.
Safe Harbor
Certain statements in this release (including statements regarding the company's forecasts, estimates, plans and expectations) that are not historical in nature are "forward-looking" statements within the meaning of the Private Securities Litigation Reform Act of 1995. In particular, the statements related to expectations regarding the expected future financial performance of the newly acquired business are forward-looking. The company cautions that actual results may differ materially from those projected or implied in forward-looking statements due to a variety of important factors, including: the inability to successfully integrate the newly acquired business into the company's operations or achieve the expected synergies associated with the acquisition; negative impacts to the newly acquired business as a result of global conflicts and hostilities; and adverse changes in the markets served by the newly acquired business. Additional factors are discussed in the company's filings with the Securities and Exchange Commission, including the company's Annual Report on Form 10-K for the year ended Dec. 31, 2022, quarterly reports on Form 10-Q and current reports on Form 8-K. Except as required by the federal securities laws, the company undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.
Media Relations:
Scott Schroeder
234.262.6420
scott.schroeder@timken.com
Investor Relations:
Neil Frohnapple
234.262.2310
neil.frohnapple@timken.com
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SOURCE The Timken Company
