Timken enters agreement to sell belts business to Gates, deal expected to close Q3

Both companies serve the OEM and aftermarket channels; Timken’s Springfield, Mo., manufacturing plant will not be among the assets included

Denver—Gates Industrial Corporation announced on May 1 that it has entered into a definitive agreement to acquire the belts business from The Timken Company including select manufacturing assets. Terms were not disclosed.

Tom Pitstick, President, Americas at Gates said, “Gates is expanding customer access and opportunities in priority markets, such as the industrial OEM and aftermarket channels, as well as the power sports segment of our mobility business unit. The acquisition of the belts business from Timken broadens our channel and application coverage.”

Gates provides power transmission belt solutions across a wide range of industrial, automotive, and mobility markets and applications. Timken’s belts business is a North American-based belts manufacturer serving industrial and mobility markets and applications.

“I want to thank our dedicated belts colleagues for their contributions over the years,” said Lucian Boldea, Timken president and chief executive officer, in a company news release. “Gates is a global leader in power transmission products with a strong reputation for innovation and quality, and we are confident that Gates is the right owner to guide this business forward.”

Both companies serve the OEM and aftermarket channels, and this acquisition will bring Gates additional market presence.

This transaction is expected to close in the third quarter of 2026, subject to customary closing conditions. Gates and the belts business of Timken will continue to operate as separate entities until the transaction closes.

Missouri plant to close

According to reporting from OzarksFirst.com, Timken’s Springfield, Mo., manufacturing plant will not be among the assets included in the acquisition and will close down by end of year. The plant employs 283, though it had already reduced its workforce by 40 percent at the beginning of 2025.

The factory began operation in 1959 as Dayco, and was subsequently bought by Carlisle in 2001, which was then acquired by Timken in 2015.