Aug 20, 2016 Off Comments in Manufacturing by

The Timken Company announced Friday that it has acquired Lovejoy Inc., a manufacturer of premium industrial couplings and universal joints, for approximately $66 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, president and chief executive officer of North Canton-based Timken.

Lovejoy is based in Downers Grove, Ill., with additional locations in the United States, Canada and Germany.

Mathew W. Happach, who has been with Timken since 1987, will become president of Lovejoy — with current Lovejoy CEO Woodrow “Woody” Haddix assuming the role of advisor to Happach through the transition.

Read more: Cleveland Ohio Manufacturing: Timken acquires couplings manufacturer Lovejoy