NORTH CANTON, Ohio—Timken Co. has acquired Lovejoy Inc., a Downers Grove, Ill.-based maker of premium industrial couplings and universal joints for about $66 million.
Timken, a North Canton-based maker of engineered bearings and mechanical power transmission products, expects the acquisition to be accretive to earnings in the first year of ownership, excluding one-time transaction costs. For the 12 months ending March 31, Lovejoy sales were about $56 million, Timken said in a news release.
According to the news release, Lovejoy is known for its flexible coupling design and as the creator of the jaw-style coupling. The company also manufactures a line of universal joints, hydraulics and vibration dampening products, including its RunRight rubber suspension units designed for applications that require a torsional spring feature with angles of operation of plus or minus 30 degrees.
The company's Lovejoy and Curtis products are used in several industries, including energy, fluid power, food and beverage, aggregate, paper and steel. Its Lovejoy LF Series coupling also features elastomeric components.
Lovejoy employs approximately 300.
Separately, Timken named Mathew W. Happach as president of Lovejoy. Woodrow “Woody” Haddix, previously the CEO of Lovejoy, was named adviser to the president to support Happach through the transition period.
"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, in a statement.
Kyle also said that 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."
Timken said the acquisition of Lovejoy adds to its portfolio of mechanical power transmission products. In recent years, Timken said, it has diversified its product mix, 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, Timken said.
Happach has worked at Timken since 1987 and has “extensive experience in OE and distribution sales, marketing and planning functions,” the company said. He has served as director of aerospace bearings, managing director for Europe, managing director for Korea and Japan, and also was vice president of the global rail businesses.
Happach received a bachelor's degree in mechanical engineering from Bradley University and holds a master's degree in business administration from The University of Texas at Arlington.
He and his wife will move to the Chicago area for the job at Lovejoy.