The Timken Co. recently completed its transaction with American Industrial Partners to acquire Carlstar Belts, a leading manufacturer of belts used in industrial, commercial and consumer applications.
"We are excited to bring the belts business into the Timken Co.," said Richard G. Kyle, Timken president and chief executive officer. "Belts are an integral part of our customers' power transmission systems, and Carlstar has a long history of leadership in industrial belt manufacturing, technology and quality. Our work leading up to closing has only reinforced that we have acquired a strong business with a talented workforce."
The belts business further diversifies Timken'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.
"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. "Our customers and our employees view the transaction positively, and we are pleased to be joining an industrial leader that will invest in our business and shares our passion for power transmission products."
Headquartered in Springfield, Missouri, Carlstar Belts has two U.S. manufacturing facilities and approximately 750 employees. For the 12 months ending June 30, 2015, the company's sales were approximately $140 million.
For more information, visit www.timken.com.