JACKSON TWP. ‒ Timken Co. said Wednesday it's reached an agreement to buy the assets of privately-held, family-owned American Roller Bearing Co., which makes industrial bearings and is based in Hickory, North Carolina.

Financial terms of the acquisition were not released, except Timken said it would finance the purchase with cash on hand.

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"ARB's offerings join Timken's industry-leading portfolio of engineered bearing solutions. ARB, which boasts a large U.S. installed base and strong aftermarket business, generated sales of more than $30 million in 2022," Timken's statement said.

"ARB's end-market mix, customer base and aftermarket position fit our Timken business model extremely well," said Richard G. Kyle, Timken president and chief executive officer. "We're proud to welcome ARB and its employees into The Timken Company."

American Roller Bearing's website says the company makes anti-friction bearings that "permit free motion between moving and fixed parts."

Timken's statement said ARB has about 190 employees and manufacturing plants in Hiddenite and Morganton, North Carolina. Three generations of the Succop family have owned American Roller Bearing since the company's founding in 1911 by C.F. Succop and investors.

It's not clear if the acquisition will result in any job cuts.

A Timken spokesman in an email wrote that Timken was not disclosing how much it was paying for the acquisition.

"The acquisition of ARB is complete. This is the coming together of two respected American companies. ARB products and market mix complement our Timken portfolio very well. Our initial focus is working to integrate ARB and their associates into Timken," he wrote.

Timken announced the acquisition of American Roller Bearing after the close of major stock markets at 4 p.m. Timken stock closed at $83.80, up 1.76% Wednesday.

Timken also buys Nadella Group

The announcement came two days after Timken said it was buying Nadella Group, "a leading European manufacturer of linear guides, telescopic rails, actuators and systems and other specialized industrial motion solutions" from ICG or Intermediate Capital Group. The acquisition is a reunion of sorts, as Timken had owned the Nadella brand from 2003 to 2005.

Timken had picked up Nadella with its acquisition of Torrington Co. in 2003. Torrington had bought Nadella in 2002. Timken then sold its Linear Motion Systems business, which included its Nadella-branded products, in 2005 to Italian company Overseas Industries S.p.A.

ICG, which is based in London, later acquired Nadella in 2018.

Nadella is based in Milan, Italy. The company, with about 450 employees, has manufacturing facilities throughout Europe and in China, Timken's statement said. Nadella had revenue of about $100 million euros in 2022, according to Timken.

Terms of Timken's acquisition of Nadella were not disclosed. Regulators in Europe must approve the deal. Timken did not say which European government agencies had to sign off on the acquisition.

Timken said the acquisition of Nadella is its latest move to expand Timken's presence in the market for "industrial motion" products that are "designed to improve the reliability and efficiency of industrial equipment and machinery."

Timken acquired Rollon, a maker of linear motion products, in 2018.

"Nadella will complement and scale our linear motion product portfolio and deliver strong synergies with our Rollon business," said Christopher A. Coughlin, Timken executive vice president and president of industrial motion. "Nadella's differentiated solutions are custom engineered for premium applications in attractive and growing market sectors, including medical, food and beverage, packaging and automation. We also see significant growth opportunities for Nadella products in North America as part of Timken."

According to Nadella's website, Nadella was founded in 1930 in France before opening locations decades later in Germany and Italy.

Reach Robert at robert.wang@cantonrep.com. Twitter: @rwangREP.

Correction: An earlier version of this article misspelled the name of Rollon, the company Timken acquired in 2018.

This article originally appeared on The Repository: Stark County-based Timken Co. makes two company acquisitions