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

Schaeffler Showcases Hydrogen Electrolyzers and Fuel Cells

Schaeffler also is demonstrating its progress toward the commercialization of green hydrogen, at the Hydrogen Americas 2024 Summit and Exhibition in Washington, D.C. 

Schaeffler Showcases Hydrogen Electrolyzers and Fuel Cells

 Schaeffler is showcasing its work in the field of hydrogen electrolyzers and fuel cells and its progress toward the commercialization of green hydrogen at the Hydrogen Americas 2024 Summit and Exhibition in Washington, D.C. 

Schaeffler's core competencies – honed through its bearings production that requires exact tolerances in engine, transmission and industrial component manufacturing, along with its team of scientists, technology labs and strategic acquisitions of hydrogen-focused technology companies – equip it to deliver the products and technologies needed to scale the market, the company said.

Transtar Holding Company Acquires PPi Automotive

PPi Automotive is a family-owned and operated automotive parts wholesale distributor based in Pittsburgh.

Transtar acquires PPi Automotive
Akebono Releases ProACT and Severe Duty Kits

Nine new part numbers provide more than 4M VIO, adding late-model coverage for Chevrolet, Dodge, Ford, GMC, Lincoln and Ram, Akebono said.

Akebono-Releases-ProACT-and-Severe-Duty-Kits
Schaeffler Releases TorCon 6L80 Torque Converter

The LuK TorCon 6L80 is “the only all-new, never remanufactured torque converter available in the independent aftermarket,” Schaeffler said.

Schaeffler Announces Release of TorCon 6L80
Bendix Marks Opening of Manufacturing Facility in Mexico

The 185,000-square-foot plant will use highly automated manufacturing processes to produce two technologies: Global Scalable Brake Control and Global Scalable Air Treatment.

Bendix Marks Opening of Advanced Manufacturing Facility in Mexico

Other Posts

HDA Truck Pride’s The Service Co. Acquires BSA of Ohio

The acquisition expands the company’s presence in the Dayton, Ohio, market.

HDA-Truck-Prides-The-Service-Co.-Acquires-BSA-of-Ohio
Standard Motor Products Introduces 200 New Numbers

The release provides new coverage in 60 distinct product categories and 75 part numbers for 2023 and 2024 model-year vehicles.

Standard Motor Products Introduces 200 New Numbers
Four Seasons Expands Line of Reman Compressors

Four Seasons released six new part numbers for compressors for hybrid and electric vehicle applications.

Four Seasons Expands Line of Reman Compressors
DMA’s SenSen Launches New Speedy Strut CSAs

Speedy Strut Complete Strut Assemblies come with a limited lifetime warranty and use OE grade components for its coil springs and premium-grade bearing strut mounts, DMA said.

DMA’s SenSen Launches NEW Speedy Strut CSAs