North Canton-based The Timken Company, the longtime maker of engineered bearings and industrial-motion parts, is cashing out of its belts business and, in the process, pulling the plug on its Springfield, Missouri belts plant later this year, a shutdown that will wipe out hundreds of local manufacturing jobs. The company announced on May 1 that it will sell the belts operation to Gates, with the deal expected to close in the third quarter of 2026 as Timken narrows its portfolio toward higher-margin operations. State workforce listings show the Springfield shutdown is scheduled to begin at the end of July and be completed by December 2026, affecting roughly 283 employees.
In a press release, The Timken Company said it has entered into a definitive agreement to sell the assets of its belts business to Gates Industrial and that proceeds will be used to fund the company’s capital-allocation priorities. “We are confident that Gates is the right owner to guide this business forward,” the company said, noting it expects to outline the deal’s estimated margin impact at its Investor Day on May 20. Gates Industrial Corporation plc said the acquisition includes select manufacturing assets and that the Timken belts business will operate separately until the transaction closes.
Springfield Shutdown And Job Impact
The Missouri Office of Workforce Development’s WARN log lists a “Closing” for Timken Belts in Springfield, with 283 affected positions and a July 31, layoff start date, and it shows separations are expected to be completed by year-end, according to JobsMo. Local union leaders told KY3 that the Springfield facility was not included in the Gates purchase and will therefore be shuttered. The site has been manufacturing belts since the late 1950s and had already gone through a significant reduction in staff during a reorganization last year.
Deal Details And What Is Not Included
Gates said the acquisition will broaden its North American power-transmission footprint and includes “select manufacturing assets,” although both sides declined to disclose financial terms. The transaction is subject to customary closing conditions and is expected to close in the third quarter of 2026, the companies said, with Gates Industrial Corporation plc confirming that the Timken belts business will remain a separate operation until the deal is completed.
Local History And Recent Restructurings
The Springfield belts plant dates to 1959 and is part of a lineage that runs through Dayco and Carlisle before Timken acquired the Carlisle belts business in 2015, according to Timken Belts. Timken’s filings and annual reports show the company has been consolidating belt operations in recent years, including a Fort Scott closure and a reorganization at Springfield that led to staffing cuts and a significant reduction in staff, details recorded in an SEC filing.
What Workers And The Region May Expect
State workforce officials say the WARN notice will trigger outreach, job-placement, and retraining services for affected employees while local agencies coordinate with Timken on separation logistics. According to The Timken Company, proceeds from the sale will help fund capital priorities, and the company will discuss expected margin effects at its Investor Day, while Gates said it will fold the belts lines into its power-transmission channels after closing…