GATES INDUSTRIAL (GTES) Stocks
ABOUT GATES INDUSTRIAL
? Gates Industrial Corporation PLC manufactures fluid power products and power transmission belts. These are offered across North and South America, Australia, the Middle East, Asia and Europe to industries in energy, exploration and extraction, transportation, infrastructure and agriculture, automotive, bicycles as well as hoses and belts for home products.
Gates Industrial Corporation PLC employs approximately 15 000 people in its more than 100 locations across 30 countries. Its United States headquarters is located in Denver, Colorado. The company also has headquarters in Singapore, Shanghai and Luxembourg City.
HISTORY OF GATES INDUSTRIAL
- Charles Gates buys Colorado Tire and Leather Company in 1911 in Denver, Colorado. The company manufactures steel-stubbed leather bands that is used to extend mileage when attached to tires, named Durable Tread.
- In a few years the company starts replacing leather with rubber and in 1917 it is renamed International Rubber Company.
- Gates transforms power transmission with the invention of the V-belt, also in 1917.
- Today, the company is still one of the largest manufactures of V-belts. International Rubber Company changes its name in 1919 to Gates Rubber Company. The company purchases businesses across the United States during the next few years and its portfolio grows greatly.
- The company expands internationally in 1954 and builds a manufacturing facility in Brantford, Ontario, Canada.
- By 1963 the company has expanded to Europe, Belgium and Mexico.
- In the early 1980’s International Rubber Company buys the Uniroyal Power Transmission Company. It becomes the largest timing belt manufacturer in the world.
- In 1996 Tomkins PLC buys International Rubber Company. The company’s name changes to The Gates Corporation in 2003. The largest buy-out firm in the world, The Blackstone Group, purchases Gates for a price of US Dollar 5.4 billion in 2014.
- Gates Industrial has its initial public offering in 2017 and it starts trading on the New York Stock Exchange.
VISION & VALUES OF GATES INDUSTRIAL
- Gates Industrial Corporation PLC’s mission is to be the greatest company in the industry across the globe. Its vision is to offer the best, innovative products to its customers.
- The company values accountability, integrity, great partnerships, excellent performance, dedication and quality. Gates Industrial is committed to the safety of its employees and communities, providing high quality products to its customers and to create high earnings for its shareholders.
MARKET PERFORMANCE OF GATES INDUSTRIAL
- Gates Industrial Corporation PLC trades on the New York Stock Exchange under the NYSE stock symbol “GTES”.
- Data analysis for the company’s quarterly period ended June 29, 2019 reports total assets of US Dollar 7,430.1 million. Net sales are US Dollar 809.9 million and gross profit is US Dollar 301.4 million. Operating income from continuing operations is US Dollar 101.9 million.
- Net income is US Dollar 26.5 million. Cash and cash equivalents are US Dollar 411.0 million. Dividends paid to non-controlling interests are US Dollar 15.0 million.