The Timken Company,
a global specialist in engineered bearings and mechanical power transmission products, has reached an agreement to acquire Groeneveld Group, a Netherlands-headquartered provider of automatic lubrication solutions used in on- and off-highway applications, for approximately $280m. For the 12 months ending 31 May 2017, Groeneveld Group sales were approximately $105m. The transaction is expected to be accretive to adjusted earnings per share in 2017. Additionally, Groeneveld Group has a strong margin profile, which is anticipated to be accretive to Timken’s EBITDA margin.
For further information
www.groeneveld-group.com