Timken Completes Sale of Belts Business to Gates

<p style="text-align: center;"><img src="/ueditor/php/upload/image/20261013/1791885567138157.png" title="1791885567138157.png" alt="1.png"/></p><p><span style="font-size: 14px; font-family: arial, helvetica, sans-serif;">The Timken Company (NYSE: TKR; www.timken.com), a leader in advanced motion technology, today announced the completion of the sale of its belts business assets to Gates Industrial Corporation Ltd. (NYSE: GTES). Financial terms of the transaction were not disclosed. &quot;This divestiture is an important milestone in achieving our stated 2028 margin targets,&quot; said Lucian Boldea, president and chief executive officer. &quot;Exiting the belts business also allows us to increase focus on our core competencies in advanced motion technology.&quot; The divested business manufactures a comprehensive line of belts used in industrial, commercial and consumer applications. &quot;We believe Gates is the right owner of the business,&quot; Boldea said. &quot;Thanks to our belts colleagues for their commitment to Timken and our customers through the years.&quot; The completed divestiture is expected to improve the adjusted EBITDA margins of Timken&#39;s Industrial Motion segment and be accretive to EPS in 2027. Proceeds from the divestiture will help fund Timken&#39;s capital allocation priorities.</span></p>