This company's belts don't keep pants up; they keep vehicles running instead. One of the largest manufacturers of automotive and industrial belts and hoses, The Gates Corporation caters to the oil and gas, construction, transportation, automotive, and manufacturing sectors. Its line of industrial belts help power rock crushers to snowmobiles; Gates' hoses keep cars and heavy equipment engines cool; automotive belts are used in air conditioners to alternators, and its hydraulic hoses channel fluid in mining and construction equipment. Gates also sells a line of water pumps for Toyota, Ford, and Nissan vehicles. It is a subsidiary of Tomkins plc, owned by Onex and CPPIB.
Domestically, the economic recession has forced a number of changes for the company. In 2012 Gates closed a fluid power manufacturing facility in Charleston, Missouri due to a sluggish economic climate and competitive pressures. Throughout 2012, the company was also forced to reduce its workforce in its Denver headquarters to allow for more financial flexibility.
Tompkins acquired Gates for $1.1 billion in 1996. The purchase, which scored the largest non-tire rubber company in the world, ended 85 years of ownership by the Gates family. – less