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18.09.2019 (2391 Clicks)

Timken to Acquire BEKA Lubrication

The Timken Company has reached an agreement to acquire BEKA Lubrication (BEKA), a leading global supplier of automatic lubrication systems, for approximately $165 million.

The company serves a diverse range of industrial sectors including wind, food and beverage, rail, on- and off-highway and other process industries. BEKA sales are expected to be around $135 millionfor 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 G. Kyle, Timken president and chief executive officer. '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. We expect to realize significant synergies, margin expansion and revenue growth opportunities through the combined Groeneveld-BEKA business.'

Family owned and operated since its founding in 1927, BEKA is headquartered in Pegnitz, Germany. The company employs approximately 900 people, with manufacturing, research and development based in Germany, and assembly facilities and sales offices around the world.

Timken first entered the automatic lubrication market in 2013 with the acquisition of Interlube and then significantly expanded its portfolio and global reach through the acquisition of Groeneveld in 2017. With the acquisition of BEKA, Timken will become the world's second largest producer of industrial automatic lubrication systemsi, which displace manual lubrication methods to improve equipment life and reliability, while reducing the total cost of ownership. The transaction advances the company's strategy, which is focused on growing its leadership position in engineered bearings while diversifying Timken's portfolio into adjacent products and markets.

The privately negotiated transaction is subject to regulatory review approval in Germany, and is expected to close during the fourth quarter of this year. It will be funded with cash and existing debt facilities. Timken expects the transaction to be accretive to earnings in 2020.

About The Timken Company

The Timken Company designs a growing portfolio of engineered bearings and power transmission 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 $3.6 billion in sales in 2018 and employs more than 18,000 people globally, operating from 35 countries.

                     

18.09.2019 (2921 Clicks)

Byerwen Coal Mine Opening good News for Queensland Exports, Jobs and Royalties

The opening of the Byerwen coal mine in North Queensland is testament to the strength and diversity of the state's mining sector, Queensland Resources Council (QRC) Chief executive Ian Macfarlane said yesterday.

18.09.2019 (2810 Clicks)

BHP report highlights Resources Sector’s Contribution to all Queenslanders

The Queensland Resources Council has welcomed BHP’s annual economic contribution report highlighting its increased payments to the Queensland Government last financial year totalled $1.24 billion or $100 million every month.

18.09.2019 (2474 Clicks)

Implenia wins order to build the new 380-kV Berlin Diagonal Power Link

• Tunnel to carry high-voltage power line
• Order worth around EUR 130 million (approximately CHF 140 million)  
  
  >> Read More >>

15.09.2019 (2293 Clicks)

Piotrek and Csiro to make next-gen Lithium Batteries for Global Market

A new partnership between Australia's national science agency, CSIRO, and Japanese specialist chemical manufacturer, Piotrek, will see Australian-developed battery technologies commercialised globally within the next five years.

15.09.2019 (2631 Clicks)

Epiroc wins large Mining Equipment Service Contract in Chile

Epiroc has won a large contract from Codelco for service of mining equipment used at the Andina mine near Chile’s capital Santiago.

09.09.2019 (2095 Clicks)

WMO Secretary General Warns Against Climate 'Doomsters and Extremists'

The General-Secretary of the World Meteorological Organization (WMO) says that the alarmist narrative on climate change has gone off the rails and criticised the news media for provoking unjustified anxiety.

05.09.2019 (2550 Clicks)

Global Silver Production to Recover from 2020 to exceed 1B ounces by 2023

Global silver production, which has been declining since 2016, is expected to recover from 913.5 million ounces (Moz) in 2019 to 1,029Moz in 2023, according to GlobalData, a leading data and analytics company.

05.09.2019 (3004 Clicks)

Global Gold Production to reach M132 Ounces in 2023

Global gold production is expected to grow at a compound annual growth rate (CAGR) of 2.5% between 2019 and 2023 to reach 132.1 million ounces (Moz) in 2023, according to GlobalData, a leading data and analytics company.

05.09.2019 (3216 Clicks)

Small Robbins Double Shield TBM makes a monumental Achievement in the Parmer Lane Wastewater Interceptor in the USA

Compact TBM bores longest Rock Tunnel at 2.46 m Diameter