Timken acquires Lovejoy including its subsidiary R+L Hydraulics

19 August, 2016

“The acquisition of Lovejoy is a great strategic fit, and we are pleased to add their strong brand to our growing portfolio of industrial brands,” said Richard G. Kyle, Timken’s president and chief executive officer. “Lovejoy and R+L Hydraulics feature 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.”

Headquartered in Downers Grove, Illinois, USA, with additional locations in the USA, 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, vibration dampening products and hydraulics. For the 12 months ending 31 March 2016, Lovejoy sales were approximately 56 million USD.

Lovejoy’s hydraulics business, R+L Hydraulics, is based in Werdohl, Germany, and manufactures and distributes products for the fluid power and power transmission industries. R + L Hydraulics sells a wide range of hydraulic components, heat exchangers and couplings. The products are mainly used in the fields of stationary and mobile hydraulics, mechanical engineering, wind power, construction machinery, and in the steel and offshore industries.

Further market penetration

“Following the acquisition of our parent company Lovejoy by Timken, we are convinced that we will strengthen our activities in the field of power transmission products and will penetrate further market areas," says Dr. Peter Jaschke, managing director of R + L Hydraulics. The former managing director of R + L Hydraulics, Lothar Gaedtke, will retire at the end of 2016. Mathew W. Happach has already taken over his position as additional managing director of R+L Hydraulics.

This acquisition adds to 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 brands including Timken, Philadelphia Gear, Carlisle, Drives and Interlube. Timken expects the acquisition to be accretive to earnings in the first year of ownership, excluding one-time transaction costs.