Gates Corporation Article

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Gates Corporation
Traded as NYSEGTES
Russell 1000 Component
Website www.gates.com/  Edit this on Wikidata
Gates Corporation World Headquarters in Denver, Colorado prior to its 2018 relocation into the 1144 Fifteenth Tower just seven blocks away.

Gates Corporation, based in Denver, Colorado US, is a manufacturer of power transmission belts and fluid power products. The company’s products are used in diverse industrial and automotive applications where the cost of failure is very high relative to the cost of the products. The company employs over 14,000 staff and has sales and manufacturing operations in all of the world's major markets, including North and South America, Europe, Asia, Australia, and the Middle East.

History

On October 1, 1911, Charles Gates Sr. purchased the Colorado Tire and Leather Company located in Denver, Colorado beside the South 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 common serpentine belt. The belt's success propelled the company to become the largest manufacturer of V-belts, a title it still holds.[ citation needed] [1]

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 in Brantford, 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 in Erembodegem, Belgium, the first of many European facilities. [2]

The former Gates Rubber factory, for many years a Denver landmark, was demolished in 2014.

In the 1980s, Gates expansion continued when the company acquired the Uniroyal Power Transmission Company and became the world's largest synchronous/ timing belt manufacturer, firmly establishing its growth path in the Asia-Pacific region. [3]

In 1996, the company was acquired by the British-based engineering firm Tomkins plc, ending 85 years of family ownership. [4] 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. Asbestos contaminated the buildings and trichloroethylene in 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. [5] [6]

In 2011, The Gates Corporation celebrated its centennial with events around the world and launched a new global brand initiative, adopting the new corporate tagline: "Powering Progress". [7]

In July 2014, The Blackstone Group, the world’s largest buyout firm, agreed to acquire The Gates Corporation from Onex Corp. (OCX) and Canada Pension Plan Investment Board for $5.4 billion. [8] In December 2017, Gates Corporation filed an initial public offering and became a public corporation. [9] The company's headquarters are located at 1144 15th Street in Denver, Colorado. [10]

Global markets

Gates designs and manufactures industrial belt, hose, and hydraulic products for a wide range of industries in several global markets.

  • Energy, Exploration & Extraction: Gates provides products and services for the energy, marine, mining, oil and gas, and oil refining industries.
  • Infrastructure & Agriculture: Gates solutions cover heavy-duty applications, including construction, agriculture, logging, and material handling.
  • Transportation: Gates provides new build and replacement products for fleet and heavy-duty vehicles, freight, towables, and rail applications.
  • Automotive: Gates manufactures OEM quality automotive aftermarket products for cars, light trucks, and snowmobile, sport, fleet, and heavy-duty vehicles.
  • Bicycles: Gates Carbon Drives serve as low-maintenance replacements for bicycle chains. [11]
  • Process & Specialty: Gates hoses and belts can be found on everyday products, including those[ clarification needed] used in homes, offices, laboratories, food processing plants, and in other every day products.

Innovation

Having realized influence of globalization and important of usage innovative approach, Gates started working on the digital tools that will help people obtain the information they need for the vehicle repairs and part information through the internet. Apart of the information on part numbers and installation instructions, Gates started working on the educational resources and new products. Within this project, Gates launched 3 major projects that help meet these goals [12].

  • NaviGates. This is an online catalog that not only allows searching for the OE and Gates part numbers, but also helps searching for the store locations and belt diagrams online. This catalog is optimized for all devices and screen resolutions and is accessible from any devices.
  • The Performance Center. This is an innovative educational resource that offers access to interactive online courses that cover topics on automotive aftermarket and basic vehicle mechanics.
  • Gates GAS. Gates Aftermarket Solutions (GAS) is a team of certified technicians that can consult on parts choice, replacement, installation and many other car repair-related topics.

See also

References

  1. ^ "Gates History". Archived from the original on 2012-05-12. Retrieved 2018-10-16.
  2. ^ "100 Years of Powering Progress" (PDF). Archived from the original (PDF) on 2013-02-20. Retrieved 2012-05-16.
  3. ^ "Uniroyal to Sell Unit to Gates". The New York Times. 1986-05-22. Retrieved 2012-05-16.
  4. ^ Grimond, Magnus (1996-01-31). "Tomkins Finalises Gates Acquisition at Pounds 768m". The Independent. London. Retrieved 2012-05-16.
  5. ^ "Denver brownfields developer Frontier Renewal buys former Gates plant". Denver Post. 2014-09-15.
  6. ^ "Gates: Broadway rubber plant demolition to take a year", Denver Business Journal, 2013, retrieved 2014-04-14
  7. ^ "Gates Corporation Celebrates 100th Anniversary". Retrieved 2012-05-16.
  8. ^ Banerjee, Devin (2014-04-04). "Blackstone Agrees to Buy Gates Global in $5.4 Billion LBO". Bloomberg.
  9. ^ Svaldi, Aldo. "Denver-headquartered Gates Industrial bouncing back with initial public offering". The Denver Post. The Denver Post. Retrieved 14 October 2018.
  10. ^ McClung, Kelcey. "From IPO to 6 new floors: Manufacturing firm sets up HQ in new Denver skyscraper". Denver Business Journal. American City Business Journals. Retrieved 14 October 2018.
  11. ^ Caitlin Giddings (September 24, 2015). "The Gates Carbon Belt Drive Is Coming for Your Chain". Bicycling. Retrieved 2017-06-12.
  12. ^ "Gates: Powering Progress in the Digital World" (PDF). Gates Inc. 2012.

External links