Timken acquires Groeneveld in $280-million deal

NORTH CANTON, OH—The Timken company, producers of engineered bearings and mechanical power transmission products, is acquiring Groeneveld Group, an automatic lubrication manufacturer, 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 …Read the rest of this story

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