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Groeneveld

Address 8450 Lawson Road, Unit #5, Milton, ON, L9T 0J8, CA
Tel 905-875-1017
Fax 905-875-2125
Toll free 1-800-263-1760
Website groeneveld-group.com
Website cplsystems.com

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Timken to Acquire Groeneveld Group, Enhancing its Lubrication Systems Platform

The Timken Company hasy announced that it 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. For the 12 months ending May 31, 2017, Groeneveld Group sales were approximately $105 million. The transaction is expected to be accretive to adjusted earnings per share in 2017.  Additionally, Groeneveld Group has a strong margin profile, which is expected to be accretive to Timken's EBITDA margin and to be further enhanced as a result of synergies.