This month Ohio manufacturer the Timken Company, a leader in engineered bearings and power transmission products, announced an agreement to acquire a global maker of industrial lubrication systems for $165 million.
BEKA Lubrication supplies automatic lubrication for processing industries, including wind energy, food and beverage production, and on- and off-highway systems.
Timken said the deal would bolster its market and geographic reach, particularly in Europe and Asia. BEKA, headquartered in Germany with North American offices in Buffalo and suburban Toronto, employs about 900 people worldwide and expects to see sales of $135 million this year.
Timken entered the lubrication market with its acquisition of Groeneveld in 2017. Officials said the forthcoming deal would make it the world’s second-largest maker of industrial automatic lubrication systems.
"BEKA is a premier brand and technical leader, and like our Groeneveld business, offers automatic and central lubrication systems that reduce operating costs and extend equipment life,” Timken President and CEO Richard Kyle said in a statement.
The acquisition will be funded with cash and existing debt. The companies expect the deal to close in the final quarter of the year.
