Ohio-based Timken Group to acquire Groeneveld Group, a Dutch provider of automatic lubrication solutions used in on- and off-highway applications, in a deal valued at US$280 million. The acquisitions expands Timken’s presence in the automatic lubrication market, following the US company’s purchase of Interlube in 2011.
Groeneveld Group is based in Gorinchem, Netherlands, with manufacturing facilities in Italy. In the year to 31 May 2017, the company recorded sales of about US$105 million t.
The company primarily offers automatic lubrication delivery systems, which enhance vehicle and machine maintenance by automating maintenance and safety support. It also has a small telematics business, Groeneveld ICT, which provides solutions for truck fleet operators.
“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,” said Richard G. Kyle, President and CEO of Timken.
Following the transaction, Groeneveld’s current shareholder and non-executive president, Henk Groeneveld, will retire from the company. The transaction is expected to close in early July and will be funded with a combination of cash and debt.
Read the article online at: https://www.worldcement.com/product-news/06072017/timkin-acquires-automated-lubrication-specialist/