The Timken Co. (NYSE: TKR), North Canton, OH, has acquired Lovejoy Inc., Downers Grove, IL, a manufacturer of industrial couplings and universal joints, for $66 million. For the 12 months ending March 31, Lovejoy sales were $56 million.
"The acquisition of Lovejoy is a great strategic fit, and we're pleased to add their strong brand to our growing portfolio of industrial brands," said Richard G. Kyle, Timken president and CEO. "Lovejoy features premium products used in challenging applications across diverse markets. While our two companies operate in many of the same markets and channels in North America, the acquisition provides exciting growth opportunities."
Timken also appointed Mathew W. Happach to president of Lovejoy. Lovejoy CEO Woodrow "Woody" Haddix assumes the role of adviser to the president, supporting Happach through the transition period.
