Carlstar sells belts business to Timken

The Carlstar Group has agreed to sell its Carlstar Belts Business to Timken Company. The transaction is expected to close in the third quarter of 2015 following customary government and regulatory approvals.

According to the Carlstar, the transaction will allow the company to focus on the growth of its tyre and wheel business with its current portfolio of products, including Carlisle, ITP, Marathon, Black Rock, Unique and Cragar brands.

“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 reports that, while the latest news is a sale, the firm is actively growing the remaining tyre and wheel business “both with existing customers and through select strategic acquisitions, including the recently announced acquisition of Marathon Industries”. Marathon Industries’ acquisition in July further expanded the Carlstar, bringing with it a portfolio of solid polyurethane tyres, flat-free Universal Fit tyres, pneumatic tyres and tyre sealant. cja