Timken rises after deal to acquire GGB Bearing Technology

Enpro

06/09/2022 13:03

** Shares of power transmission products maker Timken Co
 TKR.N  up ~2.5% to $63.96 in premarket trade 
    ** Co on Tuesday said it reached an agreement to acquire GGB
Bearing Technology (GGB), a division of EnPro  Industries Inc
 NPO.N   urn:newsml:reuters.com:*:nPn2c0h47a
    ** GGB's rev is expected to be ~$200 mln in 2022
    ** The deal is expected to close in the fourth quarter, TKR
will fund the transaction with cash on hand, existing revolving
credit facility
    ** YTD, TKR down 9.93% 

 (Reporting by Nathan Gomes in Bengaluru)
 ((Nathan.Gomes@thomsonreuters.com;))