The 2020 Mid-Year Economic Update_long

Timken Agrees to Acquire Groeneveld Group

Purchase of manufacturer expands Timken's presence in automatic lubrication systems space.

The Timken Co. (NYSE: TKR), North Canton, OH, has agreed to acquire Groeneveld Group, a Gorinchem, Netherlands-based manufacturer of automatic lubrication solutions used in on- and off-highway applications, for $280 million. Groeneveld Group reported annual sales of $105 million for the period ending May 31.

"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 CEO. "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."

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