"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," Richard Kyle, Timken’s president and chief executive officer, said in a statement.

Timken said the acquisition will make it the world’s second-largest producer of industrial automatic lubrication systems.

Family-owned BEKA is headquartered in Pegnitz, Germany, and employs 900 people. The deal is pending German regulatory review, but is expected to close in the fourth quarter of this year.

Read the full press release here.