The Timken Company (NYSE: TKR; www.timken.com), a leader in advanced motion technology, today announced the completion of the sale of its belts business assets to Gates Industrial Corporation Ltd. (NYSE: GTES). Financial terms of the transaction were not disclosed. "This divestiture is an important milestone in achieving our stated 2028 margin targets," said Lucian Boldea, president and chief executive officer. "Exiting the belts business also allows us to increase focus on our core competencies in advanced motion technology." The divested business manufactures a comprehensive line of belts used in industrial, commercial and consumer applications. "We believe Gates is the right owner of the business," Boldea said. "Thanks to our belts colleagues for their commitment to Timken and our customers through the years." The completed divestiture is expected to improve the adjusted EBITDA margins of Timken's Industrial Motion segment and be accretive to EPS in 2027. Proceeds from the divestiture will help fund Timken's capital allocation priorities.