Friday, Gates Industrial Corporation plc (GTES) announced a definitive agreement to acquire the belts business from The Timken Company (TKR), including select manufacturing assets. The financial details of the deal were not disclosed.
With this deal, Gates expects to expand customer access and opportunities in priority markets, such as the industrial OEM and aftermarket channels, as well as the power sports segment of its mobility business unit.
This transaction is expected to close in the third quarter of 2026.
In the pre-market hours, GTES is trading at $26.46, up 3.31 percent on the New York Stock Exchange.
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April 24, 2026 15:15 ET Economics news flow was relatively light this week even as the conflict in the Middle East continued, raising concerns for policymakers. In the U.S., spending data, initial jobless claims and pending home sales were the highlights. Business confidence in the biggest euro area economy was in focus in Europe. Inflation data from Japan gained attention in Asia.