NYSE:TKRMachinery
Timken Belts Sale To Gates Refocuses Business And Attracts Investors
Timken (NYSE:TKR) agreed to sell its belts business to Gates Industrial in a transaction expected to close in the third quarter.
The deal is intended to sharpen Timken’s focus on core operations and support margin improvement in its Industrial Motion segment.
Transaction proceeds are planned to fund Timken’s broader capital allocation priorities.
For you as an investor, this move sits at the intersection of two industrial names that both operate across power transmission and motion control...