Timken (TKR) said Friday it agreed to sell the assets of its belts business to Gates Industrial (GTES).
Financial terms of the transaction were not disclosed.
The company said it plans to use the sale proceeds to support its capital allocation priorities, with the transaction expected to close in Q3 2026.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.