“We're gaining a well-respected business with great talent and leadership, strong manufacturing capabilities, an expanding industrial product offering and excellent customer base.”
The transaction, expected to close in the third quarter of 2015, is subject to customary government and regulatory approvals and will be funded with a combination of cash and debt, the company said.
Founded 100-plus years ago as part of the Dayco Corp., the Carlstar belting business supplies power transmission belts for industrial, commercial and consumer applications primarily in North America. Based in Springfield, Mo., Carlstar sells under the Carlisle, Ultimax, Panther and other brands.
Carlstar did not comment on the impact of the deal on its tire and wheel business.
Timken said Carlstar Belts bring an important new product category into its portfolio. The firm focuses on bearings, specifically tapered roller bearings, but has it also added gearboxes, chain, couplings, lubrication systems and a variety of industrial services.
Timken employs 14,000 with operations in 28 countries and 2014 sales of $3.1 billion.