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BRIEF-Timken acquires Groeneveld Group for about $280 million
June 27, 2017 / 8:14 PM / in 5 months

BRIEF-Timken acquires Groeneveld Group for about $280 million

June 27 (Reuters) - Timken Co:

* Timken to acquire Groeneveld Group, enhancing its lubrication systems platform

* Timken Co - deal for approximately $280 million.

* Timken Co - deal expected to be accretive to timken’s ebitda margin

* Timken Co - ‍henk groeneveld, sole shareholder and non-executive president, will be retiring from company​

* Timken Co - transaction is expected to be accretive to adjusted earnings per share in 2017

* Timken Co - transaction will be funded with a combination of cash and debt

* Timken Co - as part of transaction, henk groeneveld, sole shareholder and non-executive president, will be retiring from company

* Timken Co - as part of transaction, henk groeneveld, sole shareholder and non-executive president, will be retiring from company Source text for Eikon: Further company coverage:

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