This Just In…Gates Industrial Corp., Enters into Definitive Agreement with Timken
Earlier today, it was announced that Gates Industrial Corp. has entered into a definitive agreement with The Timken Company to acquire its belts business. Gates also confirmed it will acquire select manufacturing assets as part of the deal. Terms of the agreement were not disclosed.
Tom Pitstick, President of Americas at Gates, said, “Gates is expanding customer access and opportunities in priority markets, including industrial OEM and aftermarket channels, as well as the powersports segment of our mobility business unit. The acquisition of the belts business from Timken broadens our channel and application coverage.”
Until the transaction is completed, Gates and Timken’s belts business will continue to operate separately. More details are expected to follow.
