Gates to buy Timken belts division; Missouri production plant set for closure

Denver, Colorado — Gates Industrial Corp. has agreed to acquire the belts business of Timken Co., as it looks to expand its power transmission footprint in North America.

In a May 1 statement, the US group said the deal covers Timken’s belts operations, including “select manufacturing assets,” and is aimed at strengthening its presence across industrial and mobility markets.

Financial terms were not disclosed.

Following the announcement, Timken said in a WARN (Worker Adjustment and Retraining Notification) notice that it will close its belts manufacturing plant in Springfield, Missouri, by the end of the year.

According to the notice, 283 jobs will be affected by the closure, and employees are expected to be laid off between August and December.

In a social media statement, trade union USW said: “Our plant was not part of that purchase. As a result, the Springfield plant will be permanently closed in the second half of this year.”

Based in North Canton, Ohio, Timken specialises in engineered bearings and industrial motion.

The belts divestment, it said, is in line with efforts to streamline operations and improve margins.

The business manufactures “a comprehensive line of belts used in industrial, commercial and consumer applications,” according to Timken.

In its 1 May statement, Gates said the purchase will expand its reach across “priority markets, such as the industrial OEM and aftermarket channels, as well as the power sports segment of our mobility business unit.”

The transaction is expected to close in the third quarter of 2026, subject to customary conditions.