Groeneveld Group

Jun 28, 2017

Posted on June 28, 2017 at 10:33 AM North Canton-based Timken has reached an agreement to buy Netherlands manufacturer Groeneveld Group for $280 million. The illuminated Timken sign in this photo can be seen from nearby I-77 at night. North Canton-based Timken has reached an agreement to buy Netherlands manufacturer Groeneveld Group for $280 million. The illuminated Timken sign in this photo can be seen from nearby I-77 at night. ( Timken By Marcia Pledger, The Plain Dealer NORTH CANTON, Ohio - The Timken Co. 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, according to a press release from Timken. Headquartered in Gorinchem, Netherlands, with manufacturing facilities in Italy, the company makes systems that enhance vehicle and machine uptime through automated maintenance and safety support. Groeneveld, which employs about 600 people, also has a small telematics business, that provides solutions for truck fleet operators. The transaction is expected to close in early July and will be funded with a combination of cash and debt. "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," Richard G. Kyle, Timken president and chief executive officer, said in a written statement. "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." Timken has expanded beyond bearings during the past five years, adding gearboxes, chain, belts, couplings, lubrication systems, industrial clutches and brakes, and a variety of industrial services to its portfolio. Timken posted $2.7 billion in sales in 2016. The manufacturer has more than 14,000 employees operating from 28 countries. View Comments