It is business jargon and it refers to a company buying something. Or when you buy something for something else. It's the process of buying something. More complicated than just buying. If you ask 10 native English speaking people, I'd say that at least 5 can not tell you what this word means.

Large companies sometimes have procurement departments. That is the department that deals with buying things for that company. I am not sure that there is a verb called "procure", if there is, I never use it...

If you say like in your example "procurement of wheels for the 30 tonne lorry" that means the process of locating, purchasing (buying) and delivering the wheels. It's not done in a jiffy, it will take some time to find the right wheels, have them delivered, fitted etc.

Hope that explains!