Denver – September 28, 2026 -- Gates Industrial Corporation Ltd. (NYSE: GTES) has completed the acquisition of The Timken Company's belts business, including select manufacturing assets, expanding its North American power transmission footprint.

North Canton, Ohio – – September 28, 2026 -- The Timken Company has completed the sale of its belts business assets to Gates Industrial Corporation Ltd. (NYSE: GTES), marking a strategic exit from the belts manufacturing segment. Financial terms of the transaction were not disclosed.