Gates Industrial (GTES) has entered into a definitive agreement to acquire the belts business from Timken (TKR) including select manufacturing assets. Terms were not disclosed. Timken’s belts business is a North American-based belts manufacturer serving industrial and mobility markets and applications. Both companies serve the OEM and aftermarket channels. This transaction is expected to close in Q3, subject to customary closing conditions. Gates and the belts business of Timken will continue to operate as separate entities until the transaction closes.
Meet Samuel – Your Personal Investing Prophet
- Start a conversation with TipRanks’ trusted, data-backed investment intelligence
- Ask Samuel about stocks, your portfolio, or the market and get instant, personalized insights in seconds
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on GTES:
- Gates Industrial reports Q1 adjusted EPS 35c, consensus 33c
- Gates Industrial backs FY26 adjusted EPS view $1.52-$1.68, consensus $1.61
- Gates Industrial backs FY26 CapEx view $120M
- GTES Upcoming Earnings Report: What to Expect?
- Gates Industrial: Benefiting from Improving Short-Cycle Demand and Margin Expansion for Double-Digit EPS Growth Through 2028