Deal Enhances Gates' Product Portfolio, Manufacturing, and Product Development Capabilities in the Global Oil & Gas industry
DENVER, June 12, 2017 /PRNewswire/ -- Affiliates of the Gates Corporation, a global diversified manufacturer of fluid power and power transmission products serving industrial and automotive markets, today announced the acquisition of UK-based GTF Engineering and Services, the owner of the assets of Techflow Flexibles. Techflow Flexibles is a fully integrated engineering, manufacturing, and commercial operation that specializes in supplying flexible hoses and couplings to the Oil and Gas Exploration and Production industry.
"The Techflow model is a perfect fit for the Gates Oil & Gas business," said Claude Durocher, Global VP of Oil & Gas. "The acquisition provides a strong product portfolio, advanced technology, and manufacturing resources. Combined with a solid new product development track record, these will be strong additions to our global Oil & Gas capabilities."
Gates has expanded its product capabilities with Techflow's full suite of highly specialized high-pressure hoses. Gates has also enhanced its ability to make and supply long-length and large-diameter hoses. The combined Gates and Techflow portfolio of products now provides nearly complete coverage of high-performance land and off-shore applications. Additionally, the company's fully-integrated product development team brings broad experience in the engineering, certification, and commercialization of sophisticated product designs.
The acquisition marks an important step for Gates in its strategy of targeting key global markets that it believes are poised for significant future growth.
About Gates Corporation
Gates Corporation is the world's leading manufacturer of power transmission belts and fluid transfer products. Our highly-engineered products are critical components used in diverse industrial and automotive applications where the cost of failure is high relative to the cost of our products. We provide a differentiated value proposition to our customers by offering a broad portfolio of premium product and service solutions for both replacement and first-fit applications across our targeted end markets, which encompass a wide variety of industrial applications and automotive solutions. Gates products are recognized by distributors, original equipment manufacturers, and installers as the premium brand for quality and technological innovation, a reputation we have built for over a century since our founding in 1911.
As an engineering leader with a strong foundation in research and development, Gates is committed to advancing the science of motion performance by developing safe, forward-thinking products, services, and solutions, while fostering long-term customer and employee relationships. Headquartered in Denver, Colorado, Gates employs over 13,000 people across 100 locations in 30 countries.
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SOURCE Gates Corporation