NORTH CANTON, Ohio—The Timken Co. of North Canton said it has completed its acquisition of the Carlstar Belts Business of Springfield, Mo.
Timken purchased the business from private equity firm American Industrial Partners in an acquisition it announced early last month.
A Timken spokeswoman said the acquisition price of $220 million had not changed from the initial announcement.
Timken said in a news release that the acquisition diversifies its portfolio and should be accretive to earnings in 2015. Carlstar has about 750 employees and two U.S. factories. The group had sales of about $140 million for the year ended June 30, 2015.