Trailer Magazine

Timken to acquire Groeneveld Group

  • Posted on Tuesday 27th, June 2017.

US bearing specialist, Timken, has acquired Dutch company Groeneveld, a provider of automatic lubrication solutions for the heavy vehicle industry, for approximately US$280 million (A$369 million).

The move is part of a diversification strategy that Timken embarked on five years ago and has since seen it add gearboxes, chain, belts, couplings, lubrication systems, industrial clutches and brakes, as well as a variety of industrial services to its portfolio.

“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 Chief Executive Officer.

“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.

“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.”

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.”

Groeneveld Group is headquartered in Gorinchem, The Netherlands, with manufacturing facilities in Italy and a global network also covering Australia.

The company specializes in automatic lubrication delivery systems that are said to enhance vehicle and machine uptime through automated maintenance and safety support.

For the 12 months ending May 31, 2017, Groeneveld sales were approximately $105 million (A$138 million).

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