Founded in 1899, GGB – formerly Glacier Garlock Bearings – has manufacturing sites in the US, Europe and China, and employs around 900 people. It has an expertise in material science, surface engineering and tribology. GGB’s revenues this year are expected to be around $200m. It has been a subsidiary of EnPro since 2002.
“GGB has a strong heritage of delivering high-performance products to well-established customers who are leaders in their respective industries,” says Timken’s president and CEO, Richard G Kyle. “This acquisition provides strong synergies and meaningfully expands our business by adding complementary products with a solid growth outlook.
“GGB’s leading portfolio of metal-polymer bearings will further Timken's ability to deliver the best solution to our customers' most challenging friction management applications,” he adds. “GGB also presents an excellent cultural fit for Timken, including a commitment to corporate social responsibility with a portfolio of environmentally sustainable solutions.”
Following the sale of GGB, EnPro will focus on its high-margin advanced surface and sealing technologies businesses.
“The sale of GGB will substantially complete the divestiture portion of our portfolio reshaping, creating a more focused industrial technology leader with a strong foundation to drive sustainable profitability and long-term growth,” says EnPro president and CEO, Eric Vaillancourt. “We are confident that Timken is the right owner to guide GGB into its next chapter as the team continues to focus on its mission to help customers address their most challenging needs in friction management.”
Timken says that GGB’s plain bearing technologies complement its own roller and ball bearings
The deal is expected to close in the fourth quarter of this year. Timken believes it will be accretive to earnings in the first full quarter after closing.
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