The Timken company, producers of engineered bearings and mechanical power transmission products, is acquiring Groeneveld Group, an automatic lubrication manufacturer, for approximately USD $280 million. The transaction is expected to close in early July.
Over the last five years, Timken has diversified its portfolio beyond bearings, adding couplings, gearboxes, chain, belts, lubrication systems, industrial clutches and brakes, and a variety of industrial services to its portfolio. Brands include Timken, Philadelphia Gear, Drives, Lovejoy and Interlube.
Groeneveld Group is headquartered in Gorinchem, 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.