Timken acquires Lovejoy Inc., names president

The Timken Company, North Canton, Ohio, has acquired Lovejoy Inc., a manufacturer of industrial couplings and universal joints.

Based in Downers Grove, Ill., with additional locations in the U.S., Canada, and Germany, Lovejoy is recognized 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 used in the energy, fluid power, food and beverage, aggregate, paper, and steel industries.

Owned and operated by the Hennessy family, Lovejoy employs approximately 300 people. As part of the transaction, Mike Hennessy, chairman of the board, is stepping down.

Mathew W. Happach has been named president, and Lovejoy CEO Woodrow “Woody” Haddix has assumed the role of adviser to the president, supporting Happach through the transition period.

A Timken associate since 1987, Happach 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. Previously he held leadership positions in global marketing and business planning and was the director of sales and marketing for the Timken business in India.

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.

Haddix most recently was CEO of Lovejoy Inc. and has extensive industry experience. Prior to Lovejoy, he held positions in Premier Industrial, Hawk Powder Metal Group, and International Harvester. He earned both a bachelor's degree and aN MBA from DePaul University.

Mathew W. Happach, Lovejoy president