Gates Industrial Corporation Acquires Timken Company Belts Business

Gates Industrial Corporation Ltd. completed the acquisition of the belts business from The Timken Company, gaining operational control of a manufacturing facility in San Jose Iturbide, Mexico, along with select manufacturing assets.

The company intends to use the acquisition to expand its manufacturing capacity and customer relationships across the industrial original equipment manufacturer, industrial aftermarket, and mobility power sports markets in North America. Financial terms of the transaction were not disclosed.

Tom Pitstick, president of Americas at Gates, stated that the completion of the acquisition strengthens the company's position in power transmission and supports its strategy to grow in industrial and mobility markets.