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.
At ConExpo 2017, Groeneveld Lubrication Solutions will showcase its entire product range featuring the best solutions for automatic lubrication, oil management and safety support systems especially developed for the construction and on-road industry. Unveiling product extensions, including a range of industry-leading progressive lubrication systems, a showcase of Groeneveld’s renowned products and generous hospitality service can be found at: South hall 2, booth number S65718, March 7-11 2017, at the Las Vegas Convention Center.
The OnePlus is an easily adjustable pump for progressive lubrication systems. The new generation OnePlus has a 2-litre reservoir and features a solid, compact design with follower plate. The follower plate ensures that grease in the reservoir is shielded from the outside air, preventing oxidation. The follower plate also keeps the reservoir clean, so that the grease level always remains visible. The quantity of grease distributed and the lubrication interval can easily be adjusted using the two small rotary switches located behind the waterproof screw cap at the front of the pump housing. The OnePlus is well-suited for smaller machines and less complex systems, such as mini excavators and loaders.
Toromont, one of the larger Caterpillar dealers in the world, has selected Groeneveld as their preferred supplier for automatic lubrication systems for their heavy rental fleet. “And for good reasons,” Heavy Rents Asset Manager Matt Visentin underlines. “It’s a great product with the back-up of a solid service organization, able to support us and our customers in the entire region we serve. And our customers as well as Toromont Heavy Rental benefit from the values of automatic greasing, which include higher productivity and less repair and maintenance and increased residual value.”
Groeneveld Group BV is going to combine all its activities under the “Groeneveld” name, with each activity linked to the respective division. GreenCat, specialising in IT and telematics solutions for road transport, will continue under the name ‘Groeneveld ICT Solutions’. Groeneveld Transport Efficiency, specialising particularly in automatic lubrication and Oilmaster oil management systems, will continue worldwide under the name ‘Groeneveld Lubrication Solutions’. This means that all activities of the Groeneveld Group will be brought under the same flag and it will be clear what the main activities of the various divisions comprise.