The Timken Company, a world leader in tapered roller bearings, has acquired Lovejoy, Inc, a manufacturer of premium industrial couplings and universal joints, for approximately $66 million. For the 12 months ending March 31, 2016, Lovejoy sales were approximately $56 million.
“The acquisition of Lovejoy is a great strategic fit, and we’re pleased to add their strong brand to our growing portfolio of industrial brands,” said Richard G. Kyle, Timken President and CEO. “Lovejoy features premium products used in challenging applications across diverse markets. While our two companies operate in many of the same markets and channels in North America, the acquisition provides exciting growth opportunities.”
Based in Downers Grove, Illinois, with additional locations in the US, Canada and Germany, Lovejoy is widely recognized for its flexible coupling design and as the creator of the jaw-style coupling. Lovejoy also manufactures a line of universal joints, hydraulics and vibration dampening products. The company’s Lovejoy®, Curtis® and RunRight® products are considered a mainstay in diverse industries.
“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.”
This acquisition adds The Timken’s growing portfolio of mechanical power transmission products. In recent years, Timken has been diversifying its offering, completing a number of acquisitions featuring products adjacent to its core bearing lines. This includes belts, chain, gear drive systems, lubrication systems and a variety of related services, all marketed under strong industrial brands including Timken®, Philadelphia Gear®, Carlisle®, Drives® and InterlubeTM.