finance
Timken Company Announces Sale of Belts Business Assets to Gates Industrial Corporation
The Timken Company has entered into a definitive agreement to sell the assets of its belts business to Gates Industrial Corporation plc. Financial terms were not disclosed. The move aligns with Timken's strategic priorities and 80/20 approach to improve margins and shareholder value.
May 1, 7:52 AM·1m read1 source
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The Timken Company announced on May 1, 2026, that it entered into a definitive agreement to sell the assets of its belts business to Gates Industrial Corporation plc. Financial terms of the agreement between The Timken Company and Gates Industrial Corporation plc were not disclosed. The Timken Company trades on the NYSE under the ticker TKR.
Gates Industrial Corporation plc trades on the NYSE under the ticker GTES. The belts business of The Timken Company manufactures a comprehensive line of belts used in industrial, commercial and consumer applications. He described Gates as a global leader in power transmission products with a strong reputation for innovation and quality.
The Timken Company is headquartered in North Canton, Ohio. The Timken Company is a global technology leader in engineered bearings and industrial motion. com.
Benzinga reported that the action is consistent with the company's portfolio 80/20 approach. Benzinga also reported that the sale is expected to improve adjusted EBITDA margins of the Industrial Motion segment.
