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Timken To Acquire Engineered Solutions Group For Undisclosed Terms
(RTTNews) - The Timken Co. (TKR) on Monday reached an agreement to acquire Engineered Solutions Group (a.k.a. Innovative Mechanical Solutions or iMECH), based in Houston, Texas. The terms of the deal were not disclosed.
iMECH manufactures thrust bearings, radial bearings, specialty coatings and other components primarily used in the energy industry. Timken will fund the transaction with a combination of cash on hand and its existing revolving credit facility. The deal is subject to customary closing conditions and is expected to close in the fourth quarter.
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Timken Acquires Lagersmit For Undisclosed Terms
The Timken Co. (TKR) announced Thursday it has acquired Lagersmit, a Netherlands-based manufacturer of highly engineered sealing solutions for demanding marine, dredging, water, tidal energy and other industrial applications.
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Timken Acquires Des-Case For Undisclosed Terms
The Timken Co. (TKR) announced Tuesday it has acquired Nashville, Tennessee-based Des-Case Corp., a manufacturer of specialty filtration products for industrial lubricants. Terms of the deal were not disclosed.
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Timken Guides FY23 In Line With View; Q4 Adj. EPS Tops Estimates
While reporting financial results for the fourth quarter on Monday, Timken Co. (TKR) initiated its earnings, adjusted earnings and revenue growth guidance for the full-year 2023.
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U.S. Dollar Ticks Higher Amid Inflation Data Release, Expectations Of Reopening Of Strait Of Hormuz
The U.S. Dollar value inched higher as investors weighed today's inflation data that pushed the odds for a rate hike in the U.S. higher against reports of an upcoming meeting between the Gulf Cooperation Council nations and Iran to hasten the reopening of the Strait of Hormuz.
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TSX Climbs On Tech Rally, Looks Set To End 6-day Losing Streak
The S&P/TSX Composite Index rose 0.36% Friday to 35,634.50 as technology stocks surged 3.5%, contributing significantly to gains. Oil prices fell following International Energy Agency's downward global oil demand forecast revision.
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Swiss Market Ends Modestly Higher
The Switzerland stock market closed modestly higher on Friday, in line with markets across Europe, as a sharp drop in oil prices helped lift sentiment.
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European Markets Rise As Oil Prices Fall On IEA Demand Cut
European markets gained ground Friday after the International Energy Agency cut its global oil demand forecast, sending Brent crude futures down 3.5% to $103.50. The IEA now projects world oil demand will drop 2.5 million barrels per day this year versus its prior estimate of 1.6 million bpd.
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U.S. Consumer Sentiment Deteriorates Much More Than Expected In September
A report released by the University of Michigan on Friday showed consumer sentiment in the U.S. has deteriorated by much more than anticipated in the month of September. The University of Michigan said its consumer sentiment index slumped to 47.8 in September after tumbling to 51.7 in August. Economists had expected the index to edge down to 51.0.
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