Gates Corporation to Expand North American Power Transmission Business with Acquisition

Gates to acquire the belts business from The Timken Company

DENVER, May 1, 2026 /PRNewswire/ -- Gates Industrial Corporation plc (NYSE:GTES), a global manufacturer of innovative, highly engineered power transmission and fluid power solutions, today announced that it has entered into a definitive agreement to acquire the belts business from The Timken Company (NYSE:TKR) including select manufacturing assets. Terms were not disclosed.

Gates is an industry leader in power transmission belt solutions across a wide range of industrial, automotive, and mobility markets and applications. Timken's belts business is a North American-based belts manufacturer serving industrial and mobility markets and applications. Both companies serve the OEM and aftermarket channels, and this acquisition will bring Gates additional market presence.

Tom Pitstick, President, Americas at Gates said, "Gates is expanding customer access and opportunities in priority markets, such as the industrial OEM and aftermarket channels, as well as the power sports segment of our mobility business unit. The acquisition of the belts business from Timken broadens our channel and application coverage."

This transaction is expected to close in the third quarter of 2026, subject to customary closing conditions. Gates and the belts business of Timken will continue to operate as separate entities until the transaction closes.

About Gates Industrial Corporation

Gates is a global manufacturer of innovative, highly engineered power transmission and fluid power solutions. Gates offers a broad portfolio of products to diverse aftermarket channel customers and to OEMs as specified components. Gates participates in many sectors of the industrial and consumer markets. Our products play essential roles in a diverse range of applications across a wide variety of end markets ranging from harsh and hazardous industries to everyday consumer applications, including virtually every form of transportation. Our products are sold in more than 130 countries across three major geographies: the Americas; Europe, Middle East & Africa; and Asia Pacific. For more information visit gates.com.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. In some cases, you can identify these forward-looking statements by the use of words such as "outlook," "believes," "expects," "potential," "continues," "may," "will," "should," "could," "seeks," "predicts," "intends," "trends," "plans," "estimates," "anticipates" or the negative version of these words or other comparable words. These statements include, but are not limited to, statements related to the proposed acquisition of Timken's belts business, the expected benefits of the acquisition, and expectations regarding the performance of the Company's business and financial results. Such forward-looking statements are subject to various risks and uncertainties, including, among others, the possibility that the conditions to completion of the acquisition are delayed or not satisfied; the possibility that the acquisition will not result in the benefits expected by Gates; risks related to the integration of Timken's belts business, including retention of customers and employees; economic, political and other risks associated with international operations (including the imposition of tariffs), risks inherent to the manufacturing industry, macroeconomic factors beyond the Company's control (including material and logistics availability, inflation, supply chain and labor challenges and end-market recovery), risks related to catastrophic events, continued operation of our manufacturing facilities, including as a result of cybersecurity attacks, and our ability to forecast and meet demand and market acceptance of new products. Additional factors that could cause the Company's results to differ materially from those described in the forward-looking statements can be found under the section entitled "Risk Factors" of the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2025, as such factors may be updated from time to time in the Company's periodic filings with the SEC, which are accessible on the SEC's website at www.sec.gov. Accordingly, there are or will be important factors that could cause actual outcomes or results to differ materially from those indicated in these statements. These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included in the Company's filings with the SEC. The Company undertakes no obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise, except as required by law.

Contacts

Media

Name: Raquel Fuentes

Email: [email protected]

Investors

Name: Rich Kwas

Email: [email protected]

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SOURCE Gates Corporation