Timken To Acquire Groeneveld Group, Enhancing Its Lubrication Systems Platform

Timken To Acquire Groeneveld Group, Enhancing Its Lubrication Systems Platform

Groeneveld Group is headquartered in Gorinchem, The Netherlands, with manufacturing facilities in Italy. Automatic lubrication delivery systems, which enhance vehicle and machine uptime through automated maintenance and safety support, represent the predominance of the company's offering.

 

The Timken Co., a global leader in engineered bearings and mechanical power transmission products, has reached an agreement to acquire Groeneveld Group, a provider of automatic lubrication solutions used in on- and off-highway applications, for approximately $280 million.

For the 12 months ending May 31, 2017, Groeneveld Group sales were approximately $105 million. The transaction is expected to be accretive to adjusted earnings per share in 2017.

“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 Kyle, Timken president and CEO. “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.”

Groeneveld Group is headquartered in Gorinchem, The Netherlands, with manufacturing facilities in Italy. Automatic lubrication delivery systems, which enhance vehicle and machine uptime through automated maintenance and safety support, represent the predominance of the company’s offering. The company also has a small telematics business, Groeneveld ICT, which provides solutions for truck fleet operators. Groeneveld Group employs approximately 600 people.

“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,” said Kyle. “We look forward to welcoming the Groeneveld team to Timken.”

As part of the transaction, Henk Groeneveld, sole shareholder and non-executive president, will be retiring from the company. “Henk led Groeneveld for four decades and made it the company it is today, and he has put in place a great leadership team,” said Kyle. “We wish Henk and his family well in retirement.”

The transaction is expected to close in early July and will be funded with a combination of cash and debt.

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 to its portfolio. These product lines are marketed under industrial brands that include Timken, Philadelphia Gear, Drives, Lovejoy and Interlube.

You May Also Like

Dana Participating in Easter Jeep Safari

The event will take place in Moab, Utah, March 23-31.

Dana to Participate in Easter Jeep Safari 2024

Dana Incorporated will participate in Easter Jeep Safari 2024, held March 23-31 in Moab, Utah. Dana products will be on site and available for demonstrations.

“At Dana, we are committed to rigorously testing and validating our products in the most challenging conditions to guarantee superior quality, durability, and performance,” said Bill Nunnery, senior director, sales and marketing, global aftermarket for Dana. “Easter Jeep Safari features rugged trails that offer us an ideal terrain for product trials. The event also gives us the opportunity to engage with Jeep enthusiasts and understand how we can enhance their off-road experiences through vehicle customizations.”

ZF Aftermarket Releases 80 New Parts

The latest additions expand coverage to more than 5 million vehicles in operation.

ZF Aftermarket Releases 80 New Parts
Schaeffler Highlights ESG Progress in 2023 Sustainability Report

Schaeffler is currently focusing on seven key ESG goals in the implementation of its sustainability strategy.

Schaeffler 2023 Sustainability Report
CMA, DoubleCoin to Showcase Long-Haul Steer Tires at MATS

Company reps will be on-site to answer questions, schedule meetings and coordinate a raffle of outdoor sporting equipment in booth #11140.

tire-distribution-outlook-tire-rack
GB Reman to Host Jackpot Giveaway Winner at Long Beach Grand Prix

Jon Hetzel, owner of Hesski ServiCenter in Levittown, Pennsylvania, will join GB Reman in the company’s hometown next month

GB Reman to Host Jackpot Giveaway Winner at Grand Prix of Long Beach

Other Posts

HDA Truck Pride Member Southside Trailer Service Expands

The company acquired PBS Brake & Supply in Syracuse, NY.

HDA Truck Pride Member Southside Trailer Service Expands
Bendix Surpasses Worker Safety Goals

Bendix says its Total Case Improvement Rate improved since 2022.

Bendix Announces Worker Safety Statistics
Vehlo Acquires Shop Management Software, Shop-Ware

Shop-Ware is a cloud-based shop management platform catering to independent automotive aftermarket repair shops.

Vehlo Acquires Shop Management Software, Shop-Ware
New Rislone ‘DEF Crystal Clean’ Clears P20EE Codes

The product scrubs away crystal contaminants from the selective catalytic reduction systems of diesel cars, trucks and SUVs.

New Rislone DEF Crystal Clean Diesel DEF & SCR Emissions System Cleaner Announced