Gates Acquires Rapro to Strengthen its European Fluid Power Business
Denver, Colorado, April 26, 2018 - Gates Industrial Corporation plc (NYSE: GTES), a leading global provider of application-specific fluid power and power transmission solutions, today announced that it has completed the acquisition of Rapro, a Turkey-based manufacturer of molded and branched hoses and other products used primarily in commercial, heavy-duty and light vehicle replacement applications.
Based in Izmir, Turkey, Rapro has developed a strong position across European markets by engineering, manufacturing and selling a comprehensive portfolio of replacement market products. The company has annual sales of approximately $25 million, operates two manufacturing and distribution facilities and serves customers in over 40 countries. Rapro has developed a strong brand and is known for high quality and service levels, as well as speed to market with new product introductions.
“Rapro’s product range, geographic coverage and established customer partnerships accelerate our growth strategy in this core product category focused on replacement markets. The company’s products will fit seamlessly into our distribution network and provide further growth opportunities in industrial transportation markets. In addition, Rapro’s success in growing its business across developing regions within Europe reinforces our overall strategy to expand in emerging markets,” said Ivo Jurek, CEO, Gates.
Mr. Jurek added, “I’d also like to take the opportunity to personally welcome the employees of Rapro to the Gates family.”
The acquisition of Rapro, along with the recent acquisitions of Atlas Hydraulics and Techflow Flexibles, demonstrates Gates’ ability to execute bolt-on acquisitions in highly fragmented global markets to accelerate our strategic growth objectives.
About Gates Industrial Corporation plc
Gates is a global manufacturer of innovative, highly engineered power transmission and fluid power solutions. Gates offers a broad portfolio of products to diverse replacement channel customers, and to original equipment ("first-fit") manufacturers as specified components. Gates participates in many sectors of the industrial and consumer markets. Our products play essential roles in a diverse range of applications across a wide variety of end markets ranging from harsh and hazardous industries such as agriculture, construction, manufacturing and energy, to everyday consumer applications such as printers, power washers, automatic doors and vacuum cleaners and virtually every form of transportation. Our products are sold in 128 countries acrossour four commercial regions: the Americas; Europe, Middle East & Africa; Greater China; and East Asia & India. More about Gates Industrial Corporation can be found online at www.gates.com.
This press release contains forward-looking statements. All forward-looking statements involve
risks and uncertainties which could affect our actual results and could cause its actual results to
differ materially from those expressed or implied in any forward-looking statements made by, or
on behalf of, us. These risks and uncertainties include but are not limited to failure successfully
integrate the acquisition; that the acquired business does not perform in accordance with our
expectations; and other factors. Except as required by law, we undertake no obligation to revise
or update the forward-looking statements contained in this press release.