North Canton, OH-based bearings maker Timken announced Friday that it has acquired Lovejoy Inc., a producer of industrial couplings and industrial joints, for approximately $66 million.
Timken says Lovejoy sales for the 12 months ending this past March 31 were approximately $56 million.
"Lovejoy features premium products used in challenging applications across diverse markets," said Timken president and CEO Richard Kyle. "While our two companies operate in many of the same markets and channels in North America, the acquisition provides exciting growth opportunities."
Timken notes that Downers Grove, IL-based Lovejoy has additional locations in the U.S., Canada and Germany and is recognized for its flexible coupling design and as the creator of the jaw-style coupling.
Lovejoy has approximately 300 employees.
"We're pleased to become a part of such a well-respected industrial leader as Timken," said Mike Hennessy, chairman of the board of Lovejoy. "Under Timken ownership, Lovejoy's technical leadership and commitment to customers will carry forward seamlessly. It's clearly a win-win for our customers and our employees."
Timken says the acquisition adds to its portfolio of mechanical power transmission products, which it has diversified in recent years.
Timken expects the acquisition to be accretive to earnings in the first year of ownership, excluding one-time transaction costs.
