Welcome to our dedicated page for Gates Industrial news (Ticker: GTES), a resource for investors and traders seeking the latest updates and insights on Gates Industrial stock.
Gates Industrial Corporation PLC (NYSE: GTES) provides engineered power transmission and fluid power solutions to critical industries worldwide. This news hub offers investors and industry professionals direct access to official corporate announcements and market-relevant developments.
Track comprehensive updates including quarterly earnings, product innovations, strategic partnerships, and operational milestones. Our curated collection ensures timely access to filings, press releases, and material events affecting this industrial manufacturing leader.
Key coverage areas include advancements in hydraulic systems, belt technology improvements, global expansion initiatives, and sustainability efforts. Regular updates reflect GTES's role in automotive, construction, and energy sectors where component reliability is paramount.
Bookmark this page for streamlined monitoring of Gates Industrial's business trajectory. Combine historical context with real-time updates to inform your analysis of this NYSE-listed industrial solutions provider.
Gates Industrial (NYSE: GTES) will release its second-quarter 2024 earnings report before the market opens on July 31, 2024. The company's management will host a webcast and conference call at 10:00 a.m. Eastern Time on the same day to discuss the financial results. Interested parties can join the call by dialing specific numbers and using the Conference ID 5772067, or they can access the live webcast through Gates Industrial's investor relations website. An audio replay will be available from 1:00 p.m. on July 31, 2024, until 11:59 p.m. on August 7, 2024.
DENVER, June 17, 2024 -- Gates Industrial (NYSE: GTES) has appointed John Patouhas as the new Senior Vice President and Chief Accounting Officer, starting June 17, 2024.
John will lead the company's accounting function, focusing on financial reporting, risk management, controls, and compliance.
He brings extensive experience from companies such as Tenneco, Federal Mogul, and Deloitte and holds an MBA in Finance and a BBA in Accounting from Wayne State University.
Gates is a global manufacturer of power transmission and fluid power solutions, serving a wide range of industries and selling products in over 130 countries.
Gates Industrial (NYSE: GTES) announced the pricing of $500 million in 6.875% Senior Notes due 2029.
The notes will be guaranteed by Gates Industrial Holdco and other subsidiaries. The offering is expected to be completed on June 4, 2024, subject to customary closing conditions.
The proceeds will be used to refinance existing debts.
Denver, May 22, 2024 — Gates Industrial (NYSE: GTES) announced its plan to offer $500 million in Senior Notes due 2029 through its subsidiary, Gates These notes will be guaranteed by Gates Industrial Holdco and certain other subsidiaries. The proceeds, in combination with new term loans and cash on hand, will be used to refinance existing debt. The notes are not registered under the Securities Act of 1933 and will be offered only to qualified institutional buyers and in transactions outside the U.S. under Regulation S. This announcement is not an offer or solicitation to sell or buy any securities.
On May 16, 2024, Gates Industrial (NYSE: GTES) announced the pricing of a secondary offering of 17,500,000 ordinary shares by selling stockholders affiliated with Blackstone Inc. The sellers have also provided underwriters a 30-day option to purchase an additional 2,625,000 shares. The shares may be sold through various transactions, including on the NYSE and over-the-counter markets, at prevailing market prices or negotiated prices. The offering is expected to close on May 21, 2024, subject to customary conditions. Gates will not receive any proceeds from the offering. Citigroup, Goldman Sachs & Co. , and Jefferies are the joint lead managers. Further details and documents can be accessed through the SEC website.
Gates Industrial (NYSE: GTES) has announced a secondary offering of 17,500,000 ordinary shares, initiated by selling stockholders affiliated with Blackstone. The selling stockholders have also granted underwriters a 30-day option to purchase an additional 2,625,000 shares. Gates itself will not offer any shares nor receive any proceeds from the sale. Citigroup, Goldman Sachs, and Jefferies are leading the offering. A registration statement has been filed with the SEC for the offering. Interested investors should refer to the prospectus available on the SEC's EDGAR website.
Gates Industrial plc (NYSE:GTES) reported first-quarter 2024 financial results with net sales of $862.6 million, a 3.9% decrease from the prior year, including a core revenue decline of 3.6%. Net income was $40.0 million, with adjusted net income per diluted share of $0.31. Adjusted EBITDA was $195.6 million, and the company raised its full-year 2024 Adjusted EBITDA guidance. The Power Transmission segment saw a net sales decrease of 2.8%, while the Fluid Power segment had a net sales decrease of 5.7%. The company repaid debt and repurchased shares.
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