Timken recently reached an agreement to acquire Groeneveld Group, a leading provider of automatic lubrication solutions used in on- and off-highway applications. The transaction is expected to close in early July.
"The acquisition of Groeneveld will further expand our presence in the automatic lubrication systems space, which we entered in 2013 with our acquisition of Interlube," said Richard G. Kyle, Timken president and chief executive officer. "Groeneveld will bring a strong brand and management team, a global customer base and an industry-leading product portfolio that has an attractive market position in off-highway equipment and heavy trucks."
Headquartered in the Netherlands with manufacturing facilities in Italy, Groeneveld Group employs approximately 600 people and primarily offers automatic lubrication delivery systems. The company also has a small telematics business, Groeneveld ICT, which provides solutions for truck fleet operators. For the 12 months ending May 31, 2017, Groeneveld Group sales were approximately $105 million.
"We're excited to be gaining such a well-known and respected business with a differentiated value proposition, deep customer relationships and a talented workforce," Kyle said. "We look forward to welcoming the Groeneveld team to Timken."
Over the last five years, Timken has diversified its portfolio beyond bearings, adding gearboxes, chain, belts, couplings, lubrication systems, industrial clutches and brakes, and a variety of industrial services. These product lines are marketed under industrial brands that include Timken, Philadelphia Gear, Drives, Lovejoy and Interlube.
For more information, visit www.timken.com.
