Terms of the sale, which is to close on 1 November, were not provided. 

"We have had a great relationship with the Motion team for many years, and this step is really a continuation of our growth strategy. We will preserve and build on the long-standing reputation of the Apache name, and we’ll now have access to greater capabilities for accelerated growth,” said Apache president and chief executive Tom Pientok. 

Apache serves both the industrial and agricultural market and is one of North America’s largest belting companies.