Timken Sells Belts Business to Gates, Sharpens Motion Tech Focus
North Canton, Ohio – – September 28, 2026 -- The Timken Company has completed the sale of its belts business assets to Gates Industrial Corporation Ltd. (NYSE: GTES), marking a strategic exit from the belts manufacturing segment. Financial terms of the transaction were not disclosed.
Divestiture targets 2028 margin goals for Timken's Industrial Motion segment
Timken President and CEO Lucian Boldea called the sale "an important milestone in achieving our stated 2028 margin targets," noting the move allows the company to concentrate on its core advanced motion technology capabilities. The divested unit produced a broad line of belts for industrial, commercial and consumer applications.