Timken purchases Belt Manufacturer

The Timken Company announces 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, commercial and consumer applications. The expansion will allow the Timken Company to offer a more diverse product line. 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.