Timken Purchases Belt Manufacturer

The Timken Company has announced that it has reached an agreement with American Industrial Partners to acquire the Carlstar Belts Business, a leading North American manufacturer of belts used in industrial, commerical and consumer applications. The expansion will allow the Timken Company to offer a more diverse product line according to Richard G. Kyle, the president and CEO of Timken. 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.