The Timken Company (NYSE:TKR) shares closed more than 2% higher on Wednesday following the company’s announcement to acquire GGB Bearing Technology, a division of Enpro Industries, for $305 million.

GGB Bearing Technology, which is a global supplier of premium engineered bearings and advanced tribological coatings used in varied industrial and automotive applications, is expected to generate approximately $200 million in 2022 revenue, with accretive EBITDA margins and immediate adjusted EPS contribution.

The deal is expected to close in Q4 and will be financed by a combination of cash on hand and revolver capacity.