On December 20th 2023, The Timken Company officially acquired 100% of the shares in Lagersmit from Anders Invest Co-Invest Fund 1. Lagersmit will become part of Timken’s Industrial Motion segment. Lagersmit’s leadership team will remain in place and the company will continue to serve its customers from its headquarters in The Netherlands.
This new chapter in Lagersmit’s history fits perfectly in the company’s strategy to Deliver Peace of Mind with the best sealing solutions to its worldwide maritime, industrial and tidal energy markets. Under the wings of Anders Invest, Lagersmit strengthened its capabilities in production, logistics and manpower on the one hand while boosting international sales on the other hand. With the recent acquisition, Timken strengthens its presence in the maritime market, while Lagersmit benefits from the global presence and resources that Timken has to offer.
Customers and partners may continue to rely on Lagersmit as usual. Lagersmit will continue to be visible under its own brand, operating from its high-tech production facilities and office space in The Netherlands. Marco Waalboer (Co-CEO), Teunis van Gemert (Co-CEO) and Dustin van Horik (Commercial Director) will remain in place as leadership team. “Timken is a renowned company with a large history and a vast global presence. We are excited to develop our company together to serve our customers around the globe even better.”, says Dustin van Horik, Commercial Director.
About Lagersmit
Lagersmit has been based in the Rotterdam region in the Netherlands since 1856 and has one mission: To deliver peace of mind with the best sealing solutions and service for ships, pumps and tidal turbines. Examples of applications include seals for ship’s shafts, bow thrusters, tidal turbines and pump shafts. From its high-tech production facility in Alblasserdam, it serves the global maritime, dredging, energy, water and industrial markets with sealing solutions. The company’s network of offices, agents and service stations covers the entire world.
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
Lagersmit
Sabrina Peters
Marketing Manager
marketing@lagersmit.com
The Timken Company
Scott Schroeder
234.262.6420
scott.schroeder@timken.com
Investor Relations
Neil Frohnapple
234.262.2310
neil.frohnapple@timken.com