Groeneveld Group is based in Gorinchem, Netherlands, with manufacturing facilities in Italy. In the year to 31 May 2017, the company recorded sales of about US$105 million t.
The company primarily offers automatic lubrication delivery systems, which enhance vehicle and machine maintenance by automating maintenance and safety support. It also has a small telematics business, Groeneveld ICT, which provides solutions for truck fleet operators.
“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,” said Richard G. Kyle, President and CEO of Timken.
Following the transaction, Groeneveld’s current shareholder and non-executive president, Henk Groeneveld, will retire from the company. The transaction is expected to close in early July and will be funded with a combination of cash and debt.
