Acquisition expands manufacturing capacity and customer relationship while augmenting the company’s talent base
Denver—Gates Industrial Corporation Ltd., a manufacturer of power transmission and fluid power solutions, has announced it has completed the acquisition of the belts business of The Timken Company, including select manufacturing assets.
The acquisition expands Gates’ North American power transmission with additional manufacturing capacity and customer relationships across industrial original equipment manufacturers (OEM), the industrial aftermarket and mobility power sports markets, while also augmenting the company’s talent base.
“The completion of this acquisition strengthens Gates’ position in power transmission and supports our strategy to grow in industrial and mobility markets,” said Tom Pitstick, president, Americas at Gates. “We are pleased to welcome the new team members who are joining Gates and look forward to building on our combined capabilities to create value for our customers, employees and stakeholders.”
Gates has developed a structured integration approach and will leverage the broad in-region manufacturing and distribution footprint to support customers through this transition. As part of the transaction, Gates is also assuming operational control of the belts manufacturing facility in San Jose Iturbide, Mexico, enhancing the company’s North American footprint.
Financial terms of the transaction were not disclosed.
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