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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June 19, 2026 16:46 ET Major central banks continued to dominate the economic news flow this week too, led by the Federal Reserve, as they announced their latest policy decisions. The Federal Reserve policy session was in focus as it was the first to be led by the new chief Kevin Warsh. In Europe, central banks of the U.K. and Switzerland announced their rate decisions. In Asia, the Bank of Japan drew attention for its policy moves, while data out of China threw some light on the state of the economy.