Abstract: A method of making a power transmission belt/belt sleeve, which method includes the step of providing a first mold assembly having a central axis and a circumference, providing a sheet material having first and second oppositely facing surfaces, placing the sheet material around the first mold assembly and causing a contoured portion of the first surface to be keyed to the first mold assembly so that the sheet material is in a predetermined circumferential position relative to the first mold assembly, providing a second mold assembly having a contoured surface, placing the contoured surface of the second mold assembly against the second surface of the sheet material, providing a guide element, operatively connecting the guide element between the first and second mold assemblies so that the guide element maintains the second mold assembly in a predetermined circumferential position relative to the first mold assembly, and forming the second surface of the sheet material through the contoured surface of the sec