Gates to acquire Timken's belts business, expanding its industrial and mobility market reach.

Gates Industrial Corporation has agreed to acquire the belts business from The Timken Company, including select manufacturing assets. This acquisition will enhance Gates' presence in the industrial OEM and aftermarket channels as well as the power sports segment of its mobility business. The deal is expected to close in the third quarter of 2026, subject to customary conditions. Both companies will operate separately until the transaction is finalized.