NEW YORK — Blackstone announced Friday it has finalized the previously announced acquisition of Gates Corporation. Private equity funds managed by Blackstone on behalf of its investors have acquired Gates for $5.4 billion.
Gates is a leading global manufacturer of power transmission belts, fluid power products, and other critical components used in diverse industrial and automotive applications. Its production plant in Iola employs about 700.
“We could not be more pleased to formally begin our relationship with Gates and its superb management team,” Neil Simpkins, senior managing director in Blackstone’s private equity business, said in a press release. “We look forward to working with Gates in the years ahead as the company further establishes itself as a global leader in its industry with an unparalleled reputation for quality products.”
“This investment from Blackstone positions Gates for continued success,” Jim Nicol, chairman and chief executive officer of Gates, said. “We cannot be more excited to start work with Blackstone’s team to refine operations and explore a wide range of opportunities for continued growth.”
Gates Corporation sells
