The Timken Company (NYSE: TKR) has completed the sale of its belts business to Gates Industrial Corporation Ltd. (NYSE: GTES). The transaction was first announced in May 2026; financial terms were not disclosed.
Timken said the sale sharpens its focus on core advanced motion technology products and marks a significant milestone toward its 2028 margin targets. The company expects the exit to improve adjusted EBITDA margins in its Industrial Motion segment and to be accretive to earnings per share in 2027.
Timken plans to use the sale proceeds to support its capital allocation priorities.