Timken Company (NYSE: TKR), a power transmission products company, announced it has reached an agreement to acquire BEKA Lubrication, a supplier of automatic lubrication systems for $165 million.
BEKA is headquartered in Pegnitz, Germany and company sales are expected to be around $135 million for the full year 2019.
"The acquisition of BEKA expands our global leadership in the highly attractive automatic lubrication systems market sector, increases our geographic scale and market coverage in Europe and Asia and will create new opportunities to serve wind and other industrial end markets more fully," said Richard Kyle, Timken CEO.
Timken shares were trading up 0.45% at $44.63 in Monday’s pre-market session. The stock has a 52-week range between $52.45 and $33.98.
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