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Acquisition Adds Couplings, U-Joints to Timken Co.'s Product Lineup
07/08/2016 - The Timken Co. has acquired family-owned Lovejoy Inc., a maker of industrial couplings and universal joints, for US$66 million, Timken has announced.
"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 Timken president and chief executive officer Richard G. Kyle in a statement.
Through the acquisition, Timken is adding couplings and universal joints to its product portfolio, which has grown in recent years to include belts, chains, gear drives, lubrication systems and a variety of related services.
Based in Downers Grove, Ill., Lovejoy is widely recognized for its flexible coupling design and as the creator of the jaw-style coupling, Timken said. Lovejoy also manufactures hydraulics and vibration dampening products.
"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," Kyle said.
Lovejoy, whose brands include Lovejoy, Curtis and RunRight, posted approximately US$56 million in sales between 1 April 2015 and 31 March 2016, according to Timken.
Lovejoy has been under ownership of the Hennessy family for four generations. As part of the deal, Lovejoy board chairman Mike Hennessy will be retiring. Meanwhile, Lovejoy chief executive Woodrow "Woody" Haddix will stay on through the transition as an adviser to newly appointed president Mathew W. Happach.
Happach is a Timken veteran who has extensive experience in OE and distribution sales, marketing and planning functions.
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. He also was the director of sales and marketing for the Timken business in India.
“Mat brings great experience in the power transmission space as well as broad leadership skills to his new role," said Hans Landin, Timken's vice president of mechanical power transmission products.
Happach holds a bachelor's degree in mechanical engineering from Bradley University and a master's degree in business administration from The University of Texas at Arlington.
Lovejoy employs approximately 300 people in the U.S., Canada and Germany.
Through the acquisition, Timken is adding couplings and universal joints to its product portfolio, which has grown in recent years to include belts, chains, gear drives, lubrication systems and a variety of related services.
Based in Downers Grove, Ill., Lovejoy is widely recognized for its flexible coupling design and as the creator of the jaw-style coupling, Timken said. Lovejoy also manufactures hydraulics and vibration dampening products.
"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," Kyle said.
Lovejoy, whose brands include Lovejoy, Curtis and RunRight, posted approximately US$56 million in sales between 1 April 2015 and 31 March 2016, according to Timken.
Lovejoy has been under ownership of the Hennessy family for four generations. As part of the deal, Lovejoy board chairman Mike Hennessy will be retiring. Meanwhile, Lovejoy chief executive Woodrow "Woody" Haddix will stay on through the transition as an adviser to newly appointed president Mathew W. Happach.
Happach is a Timken veteran who has extensive experience in OE and distribution sales, marketing and planning functions.
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. He also was the director of sales and marketing for the Timken business in India.
“Mat brings great experience in the power transmission space as well as broad leadership skills to his new role," said Hans Landin, Timken's vice president of mechanical power transmission products.
Happach holds a bachelor's degree in mechanical engineering from Bradley University and a master's degree in business administration from The University of Texas at Arlington.
Lovejoy employs approximately 300 people in the U.S., Canada and Germany.
