Timken completes acquisition of belts business
North Canton, OH – The Timken Company has completed its previously announced transaction with American Industrial Partners to acquire the Carlstar Belts Business. The business, a North American manufacturer of belts used in industrial, commercial and consumer applications, markets well-recognized brands including Carlisle, Ultimax and Panther, among others.
The company expects the transaction to be accretive over the balance of 2015. For the 12 months ending June 30, 2015, Carlstar Belt sales were approximately US$140 million.
The belts business further diversifies the company’s portfolio beyond engineered bearings, bringing customers an expanded offering of premium mechanical power transmission products and services. In addition to belts, the Timken power transmission portfolio includes gearboxes, housed unit bearings, chain, couplings, lubrication systems and a variety of industrial services, which are marketed under well-known industrial brands including Timken®, Philadelphia Gear, Drives® and Interlube.
“Our businesses are highly complementary, with Timken serving many of the same end-markets and customers,” said John Vassilaros, who will continue to lead the belt business for Timken.
Carlstar Belts, headquartered in Springfield, MO, has about 750 employees and two US manufacturing facilities. The product portfolio features more than 20,000 parts engineered for demanding applications and includes wrap moulded, raw edge, v-ribbed and synchronous belt designs.