- Action consistent with company’s portfolio 80/20 approach
- Expected to improve adjusted EBITDA margins of Industrial Motion segment
NORTH CANTON, Ohio, May 1, 2026 /PRNewswire/ — The Timken Company (NYSE: TKR; www.timken.com), a global technology leader in engineered bearings and industrial motion, today announced that it has entered into a definitive agreement to sell the assets of its belts business to Gates Industrial Corporation plc (NYSE: GTES). Financial terms of the agreement were not disclosed.
“The sale of our belts business is consistent with our near-term strategic priorities and our 80/20 approach to structurally improve margins, grow faster in the most profitable verticals and create value for shareholders,” said Lucian Boldea, president and chief executive officer. “We are applying this same rigor across our portfolio to ensure we leverage our core competencies where they drive the greatest impact.”
The belts business manufactures a comprehensive line of belts used in industrial, commercial and consumer applications.
“I want to thank our dedicated belts colleagues for their contributions over the years,” Boldea said. “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.”
The divestiture of the belts business is expected to improve the adjusted EBITDA margins of the Industrial Motion segment. The company plans to provide the estimated impact to margins at its upcoming Investor Day on May 20.
Proceeds from the divestiture are intended to be used to fund the company’s capital allocation priorities. The transaction is expected to close in the third quarter of 2026 and is subject to customary closing conditions.
About The Timken Company
The Timken Company (NYSE: TKR; www.timken.com), a global technology leader in engineered bearings and industrial motion, designs a growing portfolio of next-generation products for diverse industries. For more than 125 years, Timken has used its specialized expertise to innovate and create customer-centric solutions that increase reliability and efficiency. Timken posted $4.6 billion in sales in 2025 and employs approximately 19,000 people globally, operating from 45 countries.
Source: Timken
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