Gates Industrial has completed its acquisition of The Timken Company’s belts business, adding manufacturing capacity and customer relationships across North American power transmission markets. Financial terms of the transaction were not disclosed.
The acquisition includes selected manufacturing assets and expands Gates’ presence with industrial original equipment manufacturers, industrial aftermarket customers and mobility power sports applications.
Gates is also assuming operational control of a belts manufacturing facility in San Jose Iturbide, Mexico.
The additional facility expands Gates’ North American manufacturing footprint and is expected to support customers as the businesses are integrated.
Gates plans to use its regional manufacturing and distribution network to support the transition and integrate the newly acquired operations.
The transaction also adds employees from Timken’s belts business to Gates’ workforce.
KEY QUOTE:
“The completion of this acquisition strengthens Gates’ position in power transmission and supports our strategy to grow in industrial and mobility markets. 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.”
Tom Pitstick, President, Americas at Gates
