Gates Closes Timken Belts Acquisition, Adds Mexico Plant
GTES sits 28% above its 52-week low of $20.88.
Summary
Gates completed its acquisition of Timken's belts business, gaining manufacturing capacity and customer relationships across industrial OEM, aftermarket, and mobility power sports markets. The deal includes operational control of a belts manufacturing facility in San Jose Iturbide, Mexico, expanding Gates' North American footprint. Financial terms were not disclosed, but the acquisition strengthens Gates' power transmission position and supports its industrial and mobility growth strategy. This follows the company's Q2 2026 results showing 6.6% sales growth and raised full-year outlook. Integration execution and customer retention will be key to realizing the expected benefits.
At the time of this announcement, GTES was trading at $26.67 on NYSE in the Industrial Applications And Services sector, with a market capitalization of approximately $6.8B. The 52-week trading range was $20.88 to $30.34. This news item was assessed with positive market sentiment and an importance score of 7 out of 10. Source: PR Newswire.