“While the decision to sell our Belts business was not an easy one, its product portfolio is an excellent strategic fit for Timken,” said John Salvatore, CEO of Carlstar. “The divestiture will allow Carlstar to focus on growing our core Tire & Wheel business and remain committed to providing our customers world class products, service, and support.”

Carlstar is actively growing the Tire & Wheel business both with existing customers and through select strategic acquisitions, including the recently announced acquisition of Marathon Industries. Carlstar has a strong track record of developing high-performing tires and wheels for its diverse set of end markets, including agricultural and industrial equipment, outdoor power equipment, powersports and heavy trailers, among others. Marathon Industries' acquisition in July further expanded the Tire & Wheel portfolio and strengthened the technical expertise of Carlstar through its portfolio of solid polyurethane tires, flat-free Universal Fit® tires, pneumatic tires and tire sealant.

The transaction is expected to close in the third quarter of 2015 following customary government and regulatory approvals.