Gates Industrial Corporation plc,based inDenver, Colorado,is a manufacturer of power transmission belts and fluid power products, which are used in diverse industrial and automotive applications.[1]The company employs over 15,000 and has sales and manufacturing operations inNorthandSouth America,Europe,Asia,Australia,and theMiddle East.
 | |
| Company type | Public company |
|---|---|
| |
| Founded | 1911 |
| Headquarters | Denver, Colorado,U.S. |
Number of employees | 15,050 (January 1, 2022) |
| Website | gates |
History
editOn October 1, 1911, Charles Gates Sr. purchased the Colorado Tire and Leather Company located inDenver, Coloradobeside theSouth Platte River.Colorado Tire and Leather Company made a single product, the Durable Tread, a steel-studded band of leather that motorists attached to tires to extend their mileage. In 1917, the company began phasing out leather in favor of rubber and Charles Gates changed its name to the International Rubber Company.
That same year, John Gates, Charles's brother, developed a belt made of rubber and woven threading called a V-belt, due to its shape. It replaced the hemp and rope belt used on automobiles and industrial machinery at the time, and was a model for the commonserpentine belt.The belt's success propelled the company to become the largest manufacturer of V-belts, a title it still holds.[2][3]
In 1919, the International Rubber Company changed its name to the Gates Rubber Company. Gates continued its expansion across the United States, opening more factories and hiring thousands of people. Then, in 1954, its first international manufacturing facility was built inBrantford, Ontario,Canada. Expansion to other countries followed. In 1958, the company opened Gates Rubber de Mexico. In 1963, Gates built a belt and hose plant inErembodegem,Belgium,the first of many European facilities.[4]
In the 1980s, Gates expansion continued when the company acquired the Uniroyal Power Transmission Company and became the world's largest synchronous/timing beltmanufacturer, firmly establishing its growth path in theAsia-Pacific region.[5]
In 1996, the company was acquired by the British-based engineering firmTomkins plc,ending 85 years of family ownership.[6]In 2003, Gates changed its name to The Gates Corporation, a move reflecting the company's expanding range of industrial brands, product lines, and customers. The Denver factory closed, and by 2001, some buildings hadn't been used in nearly a decade.Asbestoscontaminated the buildings andtrichloroethylenein the groundwater was still under remediation in late 2014. While parts of the property had been redeveloped, the original factory remained deserted until November 2013, when demolition of the final factory buildings began. The site was purchased by Denver-based Frontier Renewal in September 2014 with the intention of completing the cleanup preparing it for future development.[7][8]
After an unsolicited approach, in July 2010 Tomkins was acquired by a Canadian consortium of private equity firm Onex Corporation and theCanada Pension Plan Investment Boardfor £2.9 billion. In July 2014,The Blackstone Group,the world's largest buyout firm, agreed to acquire The Gates Corporation fromOnex Corp.(OCX) and Canada Pension Plan Investment Board for $5.4 billion.[9]In December 2017, Gates Corporation filed aninitial public offeringand became a public corporation.[10]The company's headquarters are located at 1144 15th Street in Denver, Colorado.[11]
Products, services
editGates designs and manufactures industrial belt, hose and hydraulic products for various industries:
- Energy, exploration and extraction: Products and services for the energy, marine, mining, oil and gas, and oil refining industries.
- Infrastructure & Agriculture: Heavy-duty applications, including construction, agriculture, logging, and material handling.
- Transportation: New build and replacement products for fleet andheavy-duty vehicles,freight, towables, and rail applications.
- Automotive: OEM automotiveaftermarketproducts for cars,light trucks,andsnowmobile,sport, fleet, and heavy-duty vehicles.
- Bicycles: Carbon belt drives as replacements for bicycle chains.[12]
- Process and specialty: Hoses and belts for products used in homes, offices, laboratories, food processing plants.
See also
editReferences
edit- ^"Gates Corporation".Forbes.Retrieved2021-05-27.
- ^"Its sprawling South Broadway campus is gone, but the 110-year-old Gates Corp. is still very much in business".The Denver Post.2021-03-14.Retrieved2024-11-04.
- ^"Gates History".Archived fromthe originalon 2012-05-12.Retrieved2018-10-16.
- ^"100 Years of Powering Progress"(PDF).Archived fromthe original(PDF)on 2013-02-20.Retrieved2012-05-16.
- ^"Uniroyal to Sell Unit to Gates".The New York Times.1986-05-22.Retrieved2012-05-16.
- ^Grimond, Magnus (1996-01-31)."Tomkins Finalises Gates Acquisition at Pounds 768m".The Independent.London.Retrieved2012-05-16.
- ^"Denver brownfields developer Frontier Renewal buys former Gates plant".Denver Post.2014-09-15.
- ^"Gates: Broadway rubber plant demolition to take a year",Denver Business Journal,2013,retrieved2014-04-14
- ^Banerjee, Devin (2014-04-04)."Blackstone Agrees to Buy Gates Global in $5.4 Billion LBO".Bloomberg.
- ^Svaldi, Aldo (27 December 2017)."Denver-headquartered Gates Industrial bouncing back with initial public offering".The Denver Post.Retrieved14 October2018.
- ^McClung, Kelcey."From IPO to 6 new floors: Manufacturing firm sets up HQ in new Denver skyscraper".Denver Business Journal.American City Business Journals.Retrieved14 October2018.
- ^Caitlin Giddings (September 24, 2015)."The Gates Carbon Belt Drive Is Coming for Your Chain".Bicycling.Retrieved2019-11-01.
External links
edit- Official website
- Business data for Gates Industrial Corporation plc: